EUR/USD, GBP/USD and AUD/USD helped by dollar weakness
EUR/USD, GBP/USD and AUD/USD gains come off the back of dollar weakness, but will they continue?
EUR/USD continues its ascent amid dollar weakness
EUR/USD has continued its rise as we kick-start a new week, with the pair rising into the highest level in almost three-months.
Coming off the back of a range break last week, the next resistance level we have in view comes from the 1 September peak of $1.2011. With the uptrend still in play it makes sense to expect further upside from here, with a break back below the $1.1882 swing low required to bring about a more bearish outlook.
GBP/USD rallies back towards Fibonacci resistance
GBP/USD is on the rise in early trade, coming off the back of a largely bearish Friday session.
That decline took us back below the $1.3293 swing low, bringing about a greater chance that we will see the pair will enter a more bearish phase. With the price rising into the 76.4% Fibonacci retracement level, there is a good chance we could see the pair start to roll over from here. A break up through the likes of $1.3359 and $1.3397 would be required to negate that bearish view.
AUD/USD expected to rise despite morning weakness
AUD/USD is drifting lower in early trade, coming off the back of a bullish month thus far.
That upward trend still holds despite the retracement into the 61.8% Fibonacci support level this morning. With that in mind, further upside looks likely unless price falls back below the $0.7352 swing low.
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