EUR/USD, GBP/USD and AUD/USD pullback fails to break bullish trend
EUR/USD, GBP/USD, and AUD/USD gain ground after recent retracements, with uptrends in play unless we see otherwise.
EUR/USD turning higher after Fibonacci retracement
EUR/USD has started to reverse higher once again following a decline into the 61.8% Fibonacci retracement level.
With a clear uptrend in play here following the break through $1.1916, there is a good chance we will see another move higher before long. However, this bullish outlook would be negated with a break back below the $1.1711 support level.
GBP/USD rebounds towards resistance after deep pullback
GBP/USD has been on the rise after a decline into the 76.4% Fibonacci support level yesterday.
Given the wider uptrend in play, further upside does look likely before long, with a rise through the $1.3267 level bringing about a fresh bullish breakout signal for the pair. We would ultimately need to see a break below the $1.3005 swing low to negate this bullish outlook.
AUD/USD drops back into trendline support
AUD/USD has seen sharp declines through the latter part of the week, with the pair moving back into the inside trendline support once again.
That trendline is going to be key in determining whether we are set for a period of weakness or not. With a clear uptrend in play, there is still a good chance we will see the pair turn higher from here. However, a break below the $0.7109 support level would bring about a fresh bearish short-term view for the pair.
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