FX levels to watch: EUR/USD, GBP/USD and NZD/USD
Dollar comes under pressure, with EUR/USD, GBP/USD, and NZD/USD all gaining ground as they break or approach key resistance levels.
EUR/USD breaks through trendline support
EUR/USD has been losing ground over the course of the past fortnight, with the pair falling below the 76.4% Fibonacci support level.
The prior rally through $1.1419 pointed towards a strong chance of a higher low coming into play here. Thus, a bullish turn above the $1.1176 level remains a possibility despite the drop below $1.124. With the price having rallied through trendline resistance, we are seeing a more bullish picture come to the fore here. Watch for a break through $1.1246 as another bullish signal, with further upside looking likely should that occur.
GBP/USD rebounds ahead of indicative votes
GBP/USD has a volatile day ahead, with the manufacturing purchasing managers index (PMI) released ahead of today’s second round of indicative votes at Parliament.
The drop below the $1.3004 level points towards a possible wider bearish picture coming into play, where a bearish picture remains unless the pair rally above $1.3135 resistance.
NZD/USD rallies above notable resistance level
NZD/USD has managed to rally through the $0.6828 resistance level, paving the way for a wider rebound.
This year has seen the continued creation of higher lows, and with the price starting to reverse higher rather than breaking below $0.6745, it looks likely that this wider trend will continue. As such, a bullish outlook is in play unless we see a break through $0.6774.
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