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EUR/USD, GBP/USD and AUD/USD on the rise, with key resistance up ahead

EUR/USD, GBP/USD and AUD/USD on the rise, but key resistance remains to be broken.

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EUR/USD rallies into key confluence of resistance

EUR/USD has started fading somewhat after a rally into the confluence of a descending trendline and the 76.4% Fibonacci retracement level at $1.1851. With a wider bearish trend in play, there is a good chance we will see the pair reverse lower before long.

A move back below the $1.1735 level brings greater confidence of a bearish reversal for the pair. To the upside, a rise through the $1.1851 Fibonacci level would be required to signal a potential push towards the crucial $1.1908 level.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD falls back from trendline resistance

GBP/USD has been on the back foot over the past 24 hours, with the price easing back from the confluence of trendline and 76.4% Fibonacci resistance.

That has taken us back into an ascending trendline, with the price starting to regain ground around that level. A break below the $1.368 level would be required to bring about a more bearish outlook for the pair.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

AUD/USD continues to push back towards key resistance

AUD/USD has continued its upward trajectory, with the pair pushing towards the notable $0.7381 resistance level. However, it is worthwhile watching out for the 76.4% Fibonacci resistance at $0.7351.

Ultimately, we will need to see the likes of $0.7381 and $0.7426 taken out to bring about a fresh wider bullish outlook. Until then, keep an eye out for a potential bearish turn from these levels, with a break below $0.7302 bringing greater confidence of such a move.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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