Technical Update - Are the corrections in EURUSD, GBPUSD and AUDUSD over? Ready to resume downtrend? Technical Update - Are the corrections in EURUSD, GBPUSD and AUDUSD over? Ready to resume downtrend? Technical Update - Are the corrections in EURUSD, GBPUSD and AUDUSD over? Ready to resume downtrend?

Technical Update - Are the corrections in EURUSD, GBPUSD and AUDUSD over? Ready to resume downtrend?

Forex 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

EURUSD seems indecisive about whether to advance to the 0.618 retracement at 1.0777, currently hovering around the 0.382 retracement near 1.07.

The daily RSI has closed above its falling trendline, suggesting that EURUSD may climb higher, possibly up to the 0.7896 retracement at 1.0825.
However, the declining 55 and 200 daily Moving Averages may pose resistance.

If EURUSD breaches Friday's low at 1.0673, the downtrend is likely to resume with a bearish push towards 1.05.
Source all charts and data: Saxo Group
GBPUSD is a few cents away from testing the 0.618 retracement at 1.2553, with the 200 daily Moving Average adding resistance around that level.

Nonetheless, a bullish spike up to the 0.786 retracement at 1.2622 should not be ruled out.

However, the RSI is still showing negative sentiment, suggesting that GBPUSD is likely to resume its downtrend after the current correction has run its course.

A break below 1.2449 would indicate the downtrend resuming, with a likely bearish push towards 1.22

AUDUSD spiked higher to the 0.786 retracement at 0.6584 and the 100 daily Moving Average but was rejected.

The strength indicator RSI also tested the 60 threshold in the process but faced rejection. A daily close above is necessary for AUDUSD to establish a bullish trend.

AUDUSD seems likely to resume its downtrend, and a daily close below 0.6485 could fuel a sell-off down to test support at 0.6360 once again


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