EUR/USD, GBP/USD and AUD/USD turn higher amid dollar weakness
EUR/USD, GBP/USD and AUD/USD push higher, as risk-on sentiment helps drive dollar weakness.
EUR/USD continues its grind higher
EUR/USD has been on the rise over the course of July thus far, with the pair hitting a tentative four-month high this morning.
While that failed to hold, the intraday uptrend remains intact unless we see a break below the $1.137 swing low from last Thursday. Until then, further upside looks likely before long.
GBP/USD breaks through key resistance level
GBP/USD has managed to break through the key $1.267 resistance level overnight, with the pound surging at the beginning of the week. That rise through $1.267 points towards further upside to come, with the next major resistance level up ahead coming in the form of the $1.2813 peak from June.
To the downside, a break below the $1.265 level would be required to bring about a potential short-term pullback and retracement of the rally from $1.248. Until then, further upside looks likely in the short term.
AUD/USD pushes higher after Fibonacci retracement
AUD/USD has continued its ascent after finding support on the 61.8% Fibonacci retracement level last week, with the pair breaking through the $0.7037 peak.
That takes us back into a zone of resistance which encompasses a host of historical highs, with the price needing a break through the $0.7082 level to bring about a fresh wider bullish breakout. Until then, it is worthwhile following the short-term trend, with a bullish outlook in play unless we see a break below the $0.6963 level.
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