EUR/USD and AUD/USD head lower, with GBP/USD expected to rise
GBP/USD to outperform after recent slide while EUR/USD and AUD/USD decline.
EUR/USD declines continue after recent trend breakdown
EUR/USD has been continuing its decline in the wake of last week’s breakdown below $1.1066. That break negates the uptrend that has been building over recent months, bringing the wider long-term downtrend back into play.
While we are gaining some ground this morning, any upside is viewed as a short-term retracement and precursor to further decline unless we see the $1.1118 level broken.
GBP/USD looks prepped for another leg higher
GBP/USD has been on the slide since Friday’s peak, yet it is likely we will move higher once again from here.
The recent creation of higher highs and higher lows points towards this decline being a retracement of the rally from $1.2954. As such, it looks likely we will soon turn higher, with a bullish outlook in play unless we see $1.2954 broken.
AUD/USD breaks lower after head and shoulders completion
AUD/USD has gapped sharply lower this morning, with the pair building on the head and shoulders breakdown seen last week.
This provides us with reason to see further downside, with the pair likely to continue losing ground as long as the coronavirus continues to spread. Watch out for further downside, with a bearish outlook in play unless we see a break through $0.6879 resistance.
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