EUR/USD, GBP/USD and AUD/USD push higher, yet doubts remain
EUR/USD, GBP/USD, and AUD/USD push higher, yet the bigger question is whether this is simply a breather or the beginning of a bullish shift.
EUR/USD pushes higher after swing-high break
EUR/USD managed to break through the crucial $1.1247 swing high yesterday, as the pair pushes higher off the back of a deep retracement. The bullish breakout through trendline resistance in early June provided us with a bullish wider picture. and that is proving to be the case.
The break through $1.1247 resistance points towards further upside, with a rise through $1.1348 enhancing such a view. While we are consolidating, watch for a break through $1.1317 to bring about the next leg higher. Until then, there is a chance we could post a short-term pullback.
GBP/USD pausing after recent rally
GBP/USD has been gaining ground throughout the week, coming off the back of a break below the crucial $1.2559 support zone.
That break points towards further downside coming into play, yet we have also seen a significant shift towards the pound due to interest rate expectations. As such, there is still a chance of a move lower, yet it is worthwhile noting that a break through the $1.2763 level would bring about a wider bullish view for the pair.
AUD/USD continues to rebound after recent declines
AUD/USD has been regaining ground in the wake of a substantial period of downside. That move lower provided a crucial break below the $0.6865 support level. Thus, until we break through the $0.7021 resistance level, a bearish turnaround looks like a distinct possibility.
This upward retracement could have further legs in it, with the ability to break through $0.6938 key to seeing further upside. Watch for a break below the $0.6912 swing low for a bearish picture to emerge.
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