EUR/USD, GBP/USD, and AUD/USD turn lower after latest retracement
EUR/USD, GBP/USD and AUD/USD start to weaken once more following brief period of upside.
EUR/USD at risk of further downside after latest retracement
EUR/USD managed to regain some ground earlier this week, with the rebound into 76.4% Fibonacci resistance ultimately giving way to another bearish move.
That bearish trajectory looks likely to continue apace from here, with the current move lower likely to break below $1.1836 to continue the ongoing bearish pattern of lower lows. A rise through the $1.1932 level would be required to negate this current bearish intraday chart.
GBP/USD starts to weaken after 61.8% pullback
GBP/USD is also starting to move lower after the recent rebound, with the price weakening from the 61.8% Fibonacci resistance level of $1.3926.
That Fibonacci level also coincided with the descending trendline established from the 24 February peak. The recent bearish turnaround for this pair does look likely to persist for now, with a break up through the $1.4017 level required to negate that view.
AUD/USD turns lower from trendline resistance
AUD/USD has similarly been weakening after yesterday’s rise, with the pair coming under selling pressure after reaching a confluence of an inside trendline and the mid-February low of $0.7724.
Falling commodity prices haven’t helped things for the Australian dollar and that is something to follow as we move forward. The mid-sized nature of this latest retracement means we could yet see a deeper upward pullback. However, the recent bearish trend does hold unless we see the price move up through the $0.7838 swing high.
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