Dollar weakness continues to drive EUR/USD, GBP/USD and AUD/USD higher
Further gains seem likely for key FX pairs as the dollar continues to decline, although signs of weakness in AUD/USD lend a note of caution to proceedings this morning.
EUR/USD prepares to move higher
While the EUR/USD gains have slowed, there has been so outright reversal.
A drift back from $1.18 is already beginning to find support around $1.175, with a new move higher targeting a new high above Wednesday’s peak. Below $1.175, the price heads towards $1.17, where support was found earlier in the week.
GBP/USD still in uptrend
GBP/USD maintains its iron grip on its uptrend, with a drop back from yesterday’s highs raising the possibility of a higher low in due course, potentially around $1.294.
As noted yesterday, there is no sign as yet of any substantial turn lower.
AUD/USD uptrend intact despite trendline break
AUD/USD has dropped below one uptrend, but remains in an overall move higher.
A recovery above $0.716 would likely provide the bullish trigger for those looking to enter new long positions. Further declines target last week’s lows towards $0.706.
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