FX levels to watch: EUR/USD, GBP/USD and NZD/USD
EUR/USD, GBP/USD and NZD/USD all look at risk of a potential period of weakness, with key support levels standing in the way of a clear bearish outlook.
EUR/USD starts to turn lower once again
EUR/USD is turning lower again this morning, following on from an upward retracement yesterday. The bearish trajectory seen throughout the past week points towards the potential for further period of weakness to come.
However, looking at the wider picture, a break through the $1.1419 resistance level would point towards this current move lower being a retracement before we move higher once again. With the price having moved higher from the 61.8% retracement, a rise through $1.1331 would provide a bullish outlook for the pair.
GBP/USD trendline could give way to another round of losses
GBP/USD has been consolidating over the start of this week, with the price respecting a short-term trendline support.
The creation of lower highs and higher lows points towards a lack of directional conviction and overall consolidation. As such, look out for a break below $1.3159 as a short-term sell signal. A break above $1.3246 would signal a potential impending period of upside to continue the wider multi-month higher highs.
NZD/USD turning lower from key resistance zone
NZD/USD has once again respected an area of resistance around the $0.6942-$0.6969 region.
Given the failure to rally up above that zone last week, this current period of weakness could be the beginning of a downward phase for the pair. Watch out for whether we see a break below trendline and $0.6865 support to point towards a wider period of downside to come.
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