EUR/USD, GBP/USD and AUD/USD on the rise ahead of Jackson Hole
EUR/USD, GBP/USD and AUD/USD are on the rise ahead of the Jackson Hole meeting, with short-term gains looking like retracements within bearish trends.
EUR/USD on the rise ahead of Jackson Hole meeting
EUR/USD appears to be on the front foot once again today, with the pair moving tentatively through keep resistance level in early trade. With market declines easing, there is a clear focus on events in Wyoming as the Jackson Hole Symposium promises to provide greater clarity over Federal Reserve (Fed) thinking.
The push through $1.0018 raises the likeliness of a wider retracement phase coming into play, with a follow through above that level bringing expectations of further short term upside. Nonetheless, while a move through $1.0018 could lead to a period of short term upside, it would still be deemed a retracement and likely precursor to further downside for the pair. That's bearish view holds until we see price breakthrough the most recent swing-high of $1.0203.
GBP/USD attempting to regain lost ground
GBP/USD has also taken a turn for the better this morning with the pullback seen over the beginning of the week forming a retracement that we are now utilising as leverage to spring higher over the near term.
A push through $1.1878 resistance would bring a wider upside move into play. However, this looks to be a retracement phase before the pair rolls over once again. A move up through $1.2142 would be required to negate that bearish outlook.
AUD/USD breaks near-term resistance
AUD/USD is ahead of the pack, with the pair breaking higher following a decline into the key $0.6869 support level from early August. The rise through 6963 resistance points towards further upside coming into play here for the pair.
Just like the other pairs, such gains appear to be parts of a upward retracement before the bears come back into play. As such further upside does seem likely but this is deemed a precursor to the pair turning lower and selling off. That bearish outlook holds unless price manages to break up through the latest peak of $0.7137.
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