EUR/USD and GBP/USD retreat as AUD/USD attempts to bounce from support
The euro and sterling continue to struggle against the US dollar, while after several days of declines the Aussie is attempting to rally.
EUR/USD tests mid-June low
EUR/USD finds itself breaking below the $1.185 low of mid-June, having entirely retraced the weak bounce of late June.
Renewed declines now bring $1.17 into view, further unwinding the bounce from the beginning of April. Little bullish price action has been seen this week, with the sellers firmly in charge.
GBP/USD continues to decline
The decline with GBP/USD has been somewhat less precipitate here, but no less relentless for that. Having returned to the mid-June low, the price finds itself back at support, and if this is broken then a drop to $1.366 comes into view.
As with EUR/USD, the buyers have been unable to maintain a toehold in terms of price action, and the sellers are still looking to push home their advantage and move the price lower. A rally back above $1.39 would help to change that view in the short term.
AUD/USD attempts to hold support
The price of AUD/USD is doing its best to bounce from the mid-June support level at $0.7473, an area that was important back in December 2020.
A move back above $0.76 would revive the bullish view, but the first step will be to hold the current support level with a daily close above $0.7473. A renewed move lower targets $0.732 in the first instance.
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