EUR/USD, GBP/USD and AUD/USD likely to maintain bullish trend
EUR/USD, GBP/USD and AUD/USD expected to continue gaining ground as the dollar comes under pressure once again
EUR/USD continues its ascent, with push into multi-year highs
EUR/USD has continued its bullish trajectory as we head into the weekend.
The dollar weakness story has much to do with this recent EUR/USD strength, with the greenback slide showing few signs of letting up. With that in mind, there is likely to be further upside to come for this pair, with a break back below the recent $1.204 support level required to raise questions over the validity of this current bullish outlook.
GBP/USD pulls back from major long-term resistance
GBP/USD has eased back overnight, following yesterdays sharp rally into the highest level in almost a year.
With the September high of $1.3482 and December 2019 peak of $1.3515 coming into play, there are significant hurdles worth noting from here. As such, while the pair has a clear uptrend in play, there are questions on this pullback given the resistance up ahead. A break through $1.3515 would provide a more reliable bullish environment rather than buying on this current retracement. Alternately, a break below $1.3288 would bring a more bearish outlook into play.
AUD/USD likely to rise further after hitting two-year high
AUD/USD broke into a fresh two-year high yesterday, bringing about a fresh two-year high for the pair.
The ongoing intraday uptrend remains intact here, with further upside looking likely as a result. With that in mind, bullish positions are favoured as long as we do not see a break back below the $0.7339 swing low.
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