EUR/USD, GBP/USD, and NZD/USD gain ground after recent losses
EUR/USD, GBP/USD, and NZD/USD push higher after recent periods of weakness. But will it last?
EUR/USD finding SMA support once again
EUR/USD downside seen yesterday has taken the pair back into 200-day simple moving average (SMA) support, with the price starting to turn higher once again.
The consolidation we have been seeing of late comes off the back of a rebound from the key $1.1754 support level. With that in mind, there is likely to be another move higher before long as we look for a potential move back into the $1.2011 resistance level. A break back below that $1.1754 level would be required to bring a wider bearish outlook into play.
GBP/USD upside looks unlikely to last
GBP/USD has been on the rise over to course of this week, with the pair hoping to shake off some of the pessimism that has dominated the month of September thus far.
However, that downtrend remains intact until we see the price rise through the $1.3035 resistance level. Until then, this rise looks likely to provide a precursor to further downside.
NZD/USD continues to climb after recent retracement
NZD/USD continues to push upwards following the recent retracement into the 61.8% Fibonacci level at $0.6603.
The rise we have seen since finding support on that level has been clear and consistent, with higher lows in play. With that in mind, further upside looks likely unless we see a break below the $0.6684 swing low.
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