EUR/USD, GBP/USD and NZD/USD weakness brings key support levels into view
EUR/USD, GBP/USD and NZD/USD have all drifted lower, yet key support levels need to break for the bullish trend to reverse.
EUR/USD continues to rally after crucial bullish breakout
EUR/USD has continued its recent uptrend, with the last week seeing three strong upward surges.
The break through $1.1264 provided us with a breakout signal following months of downside for the pair. This points towards a bullish phase in play now, with the intraday creation of higher highs and higher lows providing us with greater confidence that this move will continue. This morning is seeing the pair turn lower, yet that short-term trend remains intact and there is a strong chance that what we are seeing is a buying opportunity. As such, a bullish outlook remains in play unless we see a fall below the $1.1251 swing low.
GBP/USD eases back after recent break through key resistance
GBP/USD has been drifting lower in early trade, following a very positive start to the month of June.
The break through $1.2748 signals a likely bullish picture emerging, as the pair fails to maintain the creation of lower highs. This new bullish signal brings expectation of further upside, with a break below $1.2668 required to negate that view. Given the drop into the 61.8%-76.4% Fibonacci zone, it looks likely we will see another move higher some point soon.
NZD/USD falls back into key support zone
NZD/USD has seen sharp declines in early trade today, despite the strong move higher on Friday.
That fall is bringing about a move into both trendline and horizontal support. A move below the $0.6612 would signal a break from this recent bullish trend. As such, watch out for whether we hold up and reverse higher from here or not. The key here is whether we reverse higher or break lower from this support zone as a precursor of where we go from here.
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