Today, the market was relatively quiet in terms of fundamentals. Some USD-crosses tested some key levels in the near-term, but there does not seem to be any commitment on this Friday session. Let’s take a look at the EUR/USD, GBP/USD, and AUD/USD:
The EUr/USD broke below a 2-day consolidation range, and cracked 1.35, but did not followup with the breakout. The pressure is still on the 1.35 handle down to 1.3476 low on the year, but a break above 1.3540 could open up further consolidation instead. GBP/USD is consolidating, and showing some signs of bearish correction. However today’s price action is keeping GBP/USD afloat with support around 1.7060. The next support would be around 1.70. A break above 1.7125 will be needed to revive the bullish outlook from the currently neutral mode in July. AUD/USD has been consolidating in July and is showing some bearish bias. However, without a break below the 0.9320 neckline and a push above 0.94, AUD/USD can revive the bullish outlook.
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