EUR/USD, GBP/USD and AUD/USD expected to gain further
EUR/USD, GBP/USD, and AUD/USD look likely to gain further despite short-term consolidation.
EUR/USD breaks into fresh two-year high
EUR/USD has continued its rise following last week's Federal Open Market Committee (FOMC) volatility, with the break through $1.1883 ultimately providing a signal that we were likely to continue the bullish trend of recent weeks.
Now that we have seen a new high above $1.1965, there is a chance we could roll back for another wider retracement at some point. However, the key is to follow the short-term trend, with a bullish outlook in play until we see a break below the $1.1925 swing low.
GBP/USD trending higher as we hit multi-month highs
GBP/USD has similarly been on the rise, with the price trading at eight-month highs. Crucially, we are approaching the critical $1.3515 resistance level, where a break above that point would bring about a two-year high.
With the price back at trendline resistance, we could see some weakness come into play over the short term. However, whether we see a short-term pullback or not, a bullish outlook is in play unless the price breaks below the $1.3356 swing low.
AUD/USD consolidating within uptrend
AUD/USD has been consolidating this morning despite significant losses on the ASX 200 in response to the Chinese arrest of a Australian journalist.
Nevertheless, despite continued tensions between the two sides, AUD/USD looks primed for further upside given the uptrend in play over the months. In the short term, we also have a clear uptrend in play, with further upside looking likely unless we see a break through the $0.7366 lows established overnight.
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