EUR/USD looks set for further gains
EUR/USD has been consolidating over the past five days, with the price falling back towards trendline support.
The uptrend remains intact, with the price continuing to respect the $1.1790 resistance zone. With that in mind, it makes sense to watch out for the pair to push through this resistance zone, with a break below $1.1724 required to negate the current uptrend.
GBP/USD continues to gain ground within likely retracement
GBP/USD has been regaining ground following on from the deterioration through the $1.3098 swing low.
That break points towards a strong possibility of another shift lower before long, thus highlighting the importance of the Fibonacci resistance up ahead. With this in mind, there is a strong chance we will see this market move lower soon, with a break above $1.3298 required to negate the bearish outlook.
AUD/USD turning lower from trendline resistance
AUD/USD is turning lower once more this morning, following yet another rebound into trendline resistance. There is a strong chance that we will see another move lower from here to continue the wider bearish trend.
However, a break below $0.7236 would provide us with a greater degree of confidence that we are set for further downside. Given that wider outlook, look out for a turn lower from here, with a break above $0.7382 required to negate the wider downtrend.