EUR/USD, GBP/USD and AUD/USD gains likely to persist
EUR/USD, GBP/USD and AUD/USD look set for further upside despite short-term consolidation.
EUR/USD pullback unlikely to last
EUR/USD has been on the rise over the course of the past fortnight, with the declines seen on Friday providing the latest in a number of retracements. While this has been sharper than many of the predecessors, that is a function of the steep rise we saw on Thursday.
With the pair falling back into the lower end of a standard deviation channel, there is a good chance we will turn higher before long, with a bullish outlook in play until we break below the $1.1195 level.
GBP/USD uptrend remains in play
GBP/USD has been on the rise over the past week, with the pair pushing into the highest level in almost three months. The rally through $1.2648 and 200-day simple moving average (SMA) resistance points towards further upside to come, with the continued creation of higher lows key to that.
As such, the intraday uptrend continues to hold as long as price does not break below $1.2661. However, should that occur it would likely point to a wider retracement of the rally from $1.25 coming into play. A bullish outlook remains play despite the break below trendline support. However, the short-term picture could become bearish if the price breaks $1.2661.
AUD/USD looks set for further upside after recent consolidation
AUD/USD has been slowing down somewhat, as we approach the notable $0.7032 resistance level. The uptrend remains in play despite this consolidation, with the pair turning higher once more.
With that in mind, further upside looks likely, with a break below $0.6949 required to start chipping away at bullish sentiment that is evident for this pair. Keep an eye out for how we respond to the $0.7032 resistance level as a key determinant of how we move forward.
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