EUR/USD, GBP/USD and AUD/USD try to reverse their downtrends
EUR/USD, GBP/USD and AUD/USD try to reverse their downtrends but need to confirm their potential medium-term bullish trend reversals.
EUR/USD trades above resistance
On Friday EUR/USD broke through and closed above the $1.0436-to-$1.0460 resistance zone and nearly reached the mid-December high at $1.0534. If exceeded, our medium-term outlook would become bullish.
Support sits in the $1.0460-to-$1.0436 area.
GBP/USD probes resistance
GBP/USD's break through its upper downtrend channel line at $1.2410, now because of inverse polarity support, is potentially bullish. A rise above the 7 January high at $1.2576 would make us change our medium-term outlook to a bullish one.
En route lies the 55-day simple moving average (SMA) at $1.2535.
AUD/USD sits above resistance
AUD/USD nearly reached the 55-day SMA at $0.6333 which so far caps. If overcome, a medium-term bullish trend reversal may be in the making.
Support is seen at the 20 December $0.6274 high.
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