EUR/USD, GBP/USD and AUD/USD remain bullish despite recent pause
EUR/USD, GBP/USD and AUD/USD ease back after recent gains, yet further upside looks likely before long.
EUR/USD pauses after recent gains
EUR/USD has been on the rise over the course of July thus far, with the pair hitting a 21-month high yesterday.
That uptrend is likely to persist as we move forward, yet the sharp nature of the recent rise does raise questions over the possibility of a short-term pullback into trendline support. Whether or not we see that pullback, further upside is likely before long, with a break below the $1.137 level required to negate this bullish outlook.
GBP/USD rebound faltering below key resistance
GBP/USD has been regaining ground since the sharp pullback seen yesterday morning.
This highlights the bullish trend that has been in play over the course of July thus far. With the price turning lower this morning, it makes sense to hesitate on any bullish positions from here. Instead, a break through the $1.2768 level would point towards a potential move back towards the crucial $1.2813 resistance level. Until we see such a break, there is a chance we could see a short-term move lower following the stochastic break below 80.
AUD/USD consolidates off the back of recent upside break
AUD/USD has been consolidating since the surge seen on Tuesday, with the pair potentially building energy before we see another push higher towards the next resistance level of $0.7206.
A break below the $0.7112 level would bring about a short-term bearish picture as we retrace the recent rally, while a break through $0.7183 points towards an immediate continuation of the recent uptrend.
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