EUR/USD, GBP/USD and AUD/USD start to turn upwards after Friday declines
EUR/USD, GBP/USD and AUD/USD show signs of a bullish resurgence despite a bout of losses at the end of last week.
EUR/USD falls back towards Fibonacci support
EUR/USD has been attempting to find a more positive footing after a period of declines that took us back towards the August lows of $1.1663.
The recent downtrend point towards the potential for further weakness, although the recent respect of this 76.4% Fibonacci support level and Thursday’s rally towards the prior swing-high of $1.1755 provide some basis for tentative bullish confidence.
A rise up through that $1.1755 level would bring greater optimism for bulls. To the downside, the $1.1663 level provides a key hurdle to overcome if we are to see a continuation of this recent sell-off.
GBP/USD starts to regain its footing after Friday sell-off
GBP/USD ended the week on a negative footing, with the pair reversing much of the upside seen over the course of Thursday’s session. That decline has taken us back into the deep retracement zone between the 61.8% and 76.4% Fibonacci levels.
We are now starting to build upward momentum once again here, with the price turning upwards in early trade this morning. Given the recent sell-off took us back into the $1.3602 support level, there is a good chance we see another move higher from here.
However, much like EUR/USD, we would see greater confidence of upside once the price breaks through the prior swing-high ($1.375) given recent declines.
AUD/USD starts to show signs of bottoming out
AUD/USD shows a more obvious bottoming out pattern, with the recent break from its descending channel giving way to flatlining lows and higher highs.
The latest retracement took us back into the 76.4% Fibonacci level, with the price turning upwards at the end of last week. A break below $0.722 would bring a more bearish picture into play. Until then, there is a good chance we are setting up for another bullish push for the pair.
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