EUR/USD, GBP/USD, and AUD/USD declines bring key support into play
EUR/USD, GBP/USD, and AUD/USD decline towards crucial support levels, with a rebound required to avoid breaking into a more bearish outlook.
EUR/USD on the rise from Fibonacci level
EUR/USD is on the rise following a decline into the 76.4% Fibonacci retracement level and, with the pair still within a wider uptrend, there is a chance we could see a move higher from here.
A fresh bullish signal would come into play with a break through the $1.1883 level. Until then, the short-term deterioration we have seen could continue to play out. As such, short-term we are likely to see further upside. However, we need to break from this intraday trend of lower highs to negate the notion that this is another retracement before we move lower again.
GBP/USD consolidates after decline into key support
GBP/USD saw sharp declines towards the end of the week, with Brexit uncertainty doing little to help sterling.
That has taken the pair back into the crucial $1.3064 support level. With that level providing a crucial marker for GBP/USD today, we need to keep an eye out for a break or rebound around this level to determine sentiment as we move into the week.
AUD/USD back into trendline support yet again
AUD/USD has declined into inside trendline support once again today, with the pair starting to build upward momentum again as a result.
That inside trendline has provided consistent support over the past month, with another rebound looking likely as a result. With that in mind, a bullish outlook is in play here, where a break back below the $0.7136 level would start to build a more bearish outlook.
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