EUR/USD, GBP/USD and AUD/USD start to find their feet once again
EUR/USD, GBP/USD and AUD/USD start to rise once again, but near-term gains look likely to fade before long.
EUR/USD starts to find its feet after recent losses
EUR/USD has been losing traction of late, with the gains seen over the course of October starting to fade in recent trading days. However, this decline into trendline support brings questions of whether the recent recovery phase is set to continue. Ultimately, we will need to see a break back below the $0.8631 swing-low to bring confidence of another leg lower for the pair.
Until then, this trendline provides a potential area for the price to reverse upwards from or continue its rebound. It is worthwhile noting that despite the recent break through the descending trendline, the pair remains within a downtrend until we see a move through $1.0198. Until that level is broken, bearish positions are favoured.
GBP/USD rebound may not be over quite yet
GBP/USD has also been regaining ground over the course of the past month, with the pair pushing up into a six-week high last Thursday. We have been moving lower since, raising questions over whether we are due a bearish reversal for the pair.
A decline through $1.106 support would bring increased confidence that the price is set for another bearish turn here. However, until that happens, another rebound towards trendline and the 100-SMA (simple moving average) resistance level looks a distinct possibility.
AUD/USD starts to rebound from support
AUD/USD is on the rise today, with the pair seeking to get back on the front-foot after a decline from just below the $0.6547 resistance level. The wider trend does point towards a bearish resolution before long.
However, it seems we are seeing the $0.6363 support level come back into play today. A rise through $0.6547 would point towards a potential wider recovery for the pair. Until then, another bearish turn looks likely before long.
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