EUR/USD and AUD/USD edge higher from recent lows, while GBP/USD fights to move higher
The dollar remains strong overall but buyers in EUR/USD and AUD/USD have managed to drag these pairs off their recent lows.
EUR/USD rebounds off lows
The dramatic slump of the past three weeks seems to have paused for now, as EUR/USD price rallies back above $1.13, having fallen below this level only two days after dropping below $1.14.
It is still too early to argue that a lower low is in, and the price could easily roll over and resume its move to the downside. A recovery above $1.14 would help reinforce the view that a bounce could be in play.
GBP/USD struggles higher
GBP/USD has managed to eke out some gains over the past week, but without much real momentum. It has been knocked back from the day’s highs so far this week, with gains faltering as the price nears $1.345.
This suggests that sellers retain the upper hand, and we look for a reversal below $1.34 that would renew the bearish view. A rally above $1.345 would start to suggest a near-term bounce is in play.
AUD/USD moves off overnight lows
Hopes of a bigger rebound have been dashed for now as AUD/USD price slumped back to $0.73 yesterday.
While it has recovered from the overnight lows the bullish view will be negated unless we can see a recovery of $0.735. A continued defence of $0.729 may be all the buyers can hope for, for the time being.
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