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FX levels to watch – EUR/USD, GBP/USD, AUD/USD

US dollar strength has eased, but the overall weakness in EUR/USD and cable continues, and AUD/USD is in bullish mode. 

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.

EUR/USD attempts to rally

EUR/USD has bounced off $1.1717, and is pushing higher in early trading.

Overnight gains stalled at $1.18, but above here $1.1822 and then $1.1840 come into play as near-term targets. A failure to hold above this latter level would likely constitute another selling opportunity.

GBP/USD recovers from Monday lows

GBP/USD has rallied off the $1.34 level, and now needs to move back above previous support at $1.3450.

If this now becomes resistance, a turn lower would target the Monday low at $1.3390. Rallies towards $1.3510 could also be another selling opportunity.

AUD/USD rally extends into second day

AUD/USD has seen a significant rebound after finding a bottom around $0.7450. Further gains will target the area around $0.7650 that formed support in late March.

The progression of lower highs from the 2018 peak at $0.8136 remains in place, so a longer-term move above $0.78 is needed to suggest that this downtrend has been broken. The recovery above $0.7450, which puts the pair back above the December low, reinforces the idea that momentum has turned positive here. 

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.