EUR/USD, GBP/USD and AUD/USD break higher after consolidation phase
EUR/USD, GBP/USD and AUD/USD break into fresh long-term highs, with dollar weakness helping to drive bullish breakouts of all three pairs.
EUR/USD breaks through resistance to bring potential bullish breakout
EUR/USD has managed to break through the $1.1916 resistance level yesterday, with the price hitting a fresh two-year high in the process.
That breakout signals the potential for another bout of gains from here. While the price is easing back this morning, we have the ascending trendline and prior peak to provide support which could limit such short-term weakness. As such, further upside looks likely, with short-term downside likely to be a retracement rather than a lasting reversal.
GBP/USD breakout brings short-term pullback
GBP/USD similarly managed to break into a fresh multi-month high, with the price exiting the recent consolidation phase after rising through the $1.3186 level.
That points towards further upside to come, despite the slight weakness we are seeing in the current candle. While this pullback could bring short-term downside, it is likely that this is simply a short-term retracement before we see the pair move higher once again. As such, a bullish outlook is in play unless we see the price break below the $1.3074 mark.
AUD/USD breaks resistance after trendline rebound
AUD/USD has managed to break into a 18-month high following a rise through the $0.7243 level.
That comes off the back of a rebound from a confluence of trendline support, with the long-term uptrend continuing apace. With that in mind, further upside looks likely, with any pullback deemed a buying opportunity as long as we do not break the $0.7109 level.
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