EUR/USD, GBP/USD and AUD/USD expected to maintain bullish trajectory
EUR/USD, GBP/USD and AUD/USD look set for further upside, as the dollar continues to fall out of favour.
EUR/USD continues to climbs back towards range top
EUR/USD is on the rise once again, with the pair pushing back towards the key $1.192 resistance level. That level represents the top of a range which has restricted the price action for over two months now.
With that in mind, further short-term upside looks likely to bring the price back into that $1.192 level. However, how we react to that level will be key in determining the medium term outlook. A break below the overnight low of $1.185 would be required to bring about a more bearish short-term outlook.
GBP/USD pushes higher ahead of potential Brexit breakthrough
GBP/USD is on the rise as traders prepare for a potential breakthrough in trade talks with the EU. The pair is pushing back towards the recent peak of $1.3313, which provides the key breakout level for the near term.
We are clearly trading within a wider uptrend here, which has been in play for two months now. As such, further upside seems likely, with a break below the $1.3165 level required to signal the beginning of a wider pullback in this pair.
AUD/USD turning towards key resistance once more
AUD/USD is on the rise this morning, with the weakness seen from the $0.734 level yesterday ultimately looking like a retracement before we move higher once again.
The ability to break through $0.734 is important here, with a rise through that level providing a multi-month high. As such, the recent uptrend does point towards further upside from here, yet a break through $0.734 would provide greater confidence to that upside trend. That bullish outlook holds unless we see a move back below the $0.7221 support level.
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