Last week’s close of EUR/USD, GBP/USD, and AUD/USD above key resistance levels has solidified the confirmation of medium-term bullish trend reversals, signaling a shift in momentum for these major currency pairs.
EUR/USD: A Key Resistance Test
EUR/USD continues its upward push, testing critical resistance levels between $1.0461 and $1.0533. A sustained move beyond this range is essential for confirming a full medium-term bullish reversal.
The pair is encountering minor resistance at the 55-day simple moving average (SMA) near $1.0402, with additional support at the January 23 low of $1.0372. Should the price dip below this week’s low of $1.0281, the next significant support zone lies between the January and February lows, ranging from $1.0224 to $1.0178.
GBP/USD: Bullish Momentum in Place
GBP/USD has confirmed a medium-term bullish outlook following a strong weekly close above the February high of $1.2550. This breakout has established a bottoming formation, with the pair now targeting the $1.3000 region.
The immediate upside remains supported as long as last Tuesday’s low at $1.2333 holds. Further minor support is found at the $1.2550 level, the late January high at $1.2524, and the 55-day SMA at $1.2485.
AUD/USD: Shift to Bullish Trend
AUD/USD’s weekly close above the late January high of $0.6330 marks a shift from its previous medium-term bearish trend to a more bullish outlook. The pair is now targeting the $0.6850 region.
The $0.6330 level has become key support due to inverse polarity, with additional support levels forming at the early January high of $0.6302 and along the 55-day SMA at $0.6273.
In summary, these currency pairs are signaling a positive shift in medium-term trends, with crucial support levels providing a foundation for further upside potential.
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