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Venezuela launches new currency to take on hyperinflation 50 Usd To Aud
GBP/USD and AUD/USD 50 Usd To Aud , GBP/USD and AUD/USD
FX levels to watch – EUR/USD 50 Usd To Aud , GBP/USD and AUD/USD
Recent EUR/USD, GBP/USD, and AUD/USD upside looks to be providing us with a good shorting opportunity, given the wider downtrend in play across all three pairs.
has been pushing higher over the past week, reversing much of the downside seen throughout the first two weeks of the month.
With the price having gained so much, it looks likely that we are seeing a retracement of the wider deterioration from $1.1746. Thus, while this rebound is impressive, it is not expected to last. As such, while we could see another short-term bounce, a bearish outlook is in play now that we have seen the price move into the 61.8% to 76.4% retracement zone.
GBP/USD rebound likely to provide selling opportunity
50 Usd To Aud , with the price approaching the 50% Fibonacci retracement overnight.
There is a good chance we could see further upside over the near term. However, this looks like a retracement of the $1.3212-$1.2661 decline, and thus it makes sense to look for the pair to turn lower from Fibonacci or trendline resistance.
managed to rebound into the 76.4% region yesterday, with the pair providing a similar bounce to that seen in EUR/USD and GBP/USD.
Given the wider downtrend in play, we are likely to see the pair turn lower before long. With that in mind, a bearish view is in play unless the pair rally through the $0.7453 swing high.
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The rally in EUR/USD and GBP/USD goes on, although it may be little more than a brief respite given the current strength of the USD trend.
US and Mexico reach trade deal, pressuring Canada as Mexican peso surges
On Monday The US and Mexico agreed to overhaul the North American Free Trade Agreement (NAFTA), threating to leave Canada out of the deal if the country did not comply with new terms.
FX levels to watch – EUR/USD, GBP/USD and AUD/USD
The dollar looks likely to come back into strength, to build off initial downside seen in EUR/USD, GBP/USD, and AUD/USD in order to reverse the countertrend gains seen over the past week.
After a few days of weakness, the dollar is back on the front foot, which has resulted in possible lower highs for EUR/USD and GBP/USD.
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