EUR/USD, GBP/USD and AUD/USD break key resistance
EUR/USD, GBP/USD and AUD/USD break through key resistance to bring multi-month highs. With short-term weakness this morning, could we be looking at a potential buying opportunity?
EUR/USD breaks from resistance zone
EUR/USD is on the rise once more this morning, with a sharp appreciation in the pair taking us through the $1.192 resistance level for the first time since early September.
That points towards a potential bullish continuation of the recent move higher, with a decline below the $1.180 support level required to bring about a bearish outlook once more. To the upside, resistance comes in the form of the $1.2011 level.
GBP/USD likely to continue its gains after reaching multi-month high
GBP/USD has been on the rise over the course of the week, with the pair reaching the highest level since the beginning of September.
The move lower seen this morning does raise the chances of a move back into trendline support. A break below that trendline would point towards a potential retracement phase coming into play, with a bullish outlook remaining in play until we see a move below the likes of $1.3195 and $1.3106.
AUD/USD breakout points towards further upside
AUD/USD has managed to break through the $0.7339 resistance level yesterday, with the pair managing to gain ground overnight.
With price turning lower this morning, there is a good chance we will see further weakness over the coming hours. However, that short-term downside is unlikely to last, with the recent bullish trend in place unless we see a break below the $0.7254 support level.
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