EUR/USD, GBP/USD and AUD/USD consolidate ahead of next move
EUR/USD, GBP/USD and AUD/USD consolidate, with the euro looking likeliest to underperform.
EUR/USD drifts lower as downtrend continues
EUR/USD has been continuing its recent downtrend, with price moving back towards the $1.0827 lows from last Friday.
We have seen precious few signs that this trend is about to come to an end, and thus a bearish outlook remains in play. A rise through the recent high of $1.0861 would bring the potential for a more bullish outlook.
GBP/USD consolidates after recent gains
GBP/USD has been outperforming over the past week, with the pair moving into $1.307 resistance on Thursday. However, we are seeing that resistance level hold for now, as the price consolidates and eases back somewhat.
A break through that resistance point would bring a renewed bullish outlook, yet further short-term downside does look likely until that happens.
AUD/USD regaining ground after recent consolidation
AUD/USD is on the rise, following a period of consolidation that has seen the price tighten above the $0.671 support level. With the price tentatively rising through $0.6731, there is the potential for another leg higher from here.
However, it makes sense to await a more complete break through that level to start expecting any decent surge from here. Until then, the recent consolidation zone of $0.671-$0.6731 remains in play and thus short-term downside looks likely.
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