EUR/USD, GBP/USD and AUD/USD rise from key support
EUR/USD, GBP/USD and AUD/USD start to regain ground after falling back into key support levels.
EUR/USD consolidates after decline into Fibonacci support
EUR/USD has been consolidating after the recent decline into the 76.4% Fibonacci support level at $1.0821. Given the wider trend of higher lows, there is a good chance that we move higher from here in the near future.
As the price consolidates, we would need to see a break through $1.0896 to move out of this consolidation phase. However, given the ever tightening triangle formation in play over the past month, we ultimately need to see a break through $1.0992 or $1.0768 to signal a break from this current consolidation phase.
GBP/USD losses ease after hitting key support
GBP/USD has also found support on the 76.4% Fibonacci retracement level ($1.2279), with the price starting to move tentatively higher. With the pair still trading within a bullish trend since the March low of $1.1411, there is a chance we start to head higher once more from here.
However, to the downside, a more bearish picture would emerge if we break the $1.2166 support level.
AUD/USD starts to head higher after recent pullback
AUD/USD has been trading within a falling wedge formation, with the pair consolidating off the back of a month-long resurgence. That bullish trend remains intact for now, with the current push higher raising the possibility of a break from this consolidation phase.
Watch for a rally through the $0.6397 level to raise the possibility of a bullish leg higher from here. Until then, the consolidation pattern respected over the past week remains intact.
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