EUR/USD, GBP/USD and AUD/USD push up towards resistance
EUR/USD, GBP/USD and AUD/USD continue to gain ground, although resistance lies ahead.
EUR/USD heads back towards prior high
EUR/USD has been making tentative gains over the past two games, with the strong rebound seen in the early part of the week losing momentum somewhat as we approach the $1.0481 resistance level. That high is going to be key going forward, with a rise through that point required to bring expectations of another leg higher for the pair.
From a macro perspective, we have seen mixed fortunes for Germany as a better-than-expected gross domestic product (GDP) reading of 0.4% is offset by a weaker rebound in the Gfk consumer climate figure than predicted. In any case, both figures did improve, with the euro on the rise once again today. Keep an eye out for the $1.0481 level as a key level than needs to break in order to resume this bullish recovery phase.
GBP/USD pushes into a three-month high
GBP/USD has been an outperformer over the course of the week. That comes despite the recent Organisation for Economic Co-operation and Development (OECD) predictions that the UK will be the slowest growing Western nation over the course of the next two-years. With the price rising back towards the 200 simple moving average (SMA) and $1.2293 resistance level, the ability to break through that zone will be key in attempting to maintain this upwards trajectory.
To the downside, any near-term decline would look to represent a bullish retracement unless the price breaks back down through the recent swing-low of $1.1763.
AUD/USD rallies into key resistance zone
AUD/USD has been on the front foot over much of the week, with the rebound taking the price up into a zone that sees both the descending trendline and 61.8% Fibonacci resistance level. From this wider perspective, we can see the downtrend remains in play until the price rallies up through the August high of $0.7137.
Should that trend kick in once again, a move back through the $0.6585 level would provide the first signal that the bears are back in charge.
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