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

The likes of EUR/USD, GBP/USD and AUD/USD remain in an uptrend, yet with big resistance ahead, are we going to see the short-term trend reversed?

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.
Euro note and pound coin
Source: Bloomberg

EUR/USD pushing higher once more

EUR/USD is breaking through Friday’s high of $1.0782, with the pair passing the trendline resistance this morning. The key hurdle to overcome here is $1.0829. A break through that level would bring a bullish medium-term outlook for the pair.

Until we do break through that level, there is a chance we could pull back. However, the short-term uptrend remains intact, with the $1.0829 level the key point of reference over whether this rally will continue.

GBP/USD starts to weaken at trendline resistance

GBP/USD sold off sharply from the trendline resistance yesterday, following a strong rally throughout last week.

Despite pulling back last night, the pair has not broken below the $1.2324 thus the short-term uptrend remains intact. As such, an hourly close below $1.2324 would be required to provide the bearish outlook view that yesterday’s sell-off alluded to.

AUD/USD pullback fails to break support level

AUD/USD weakened overnight, following a more dovish outlook from the Reserve Bank of Australia in its minutes. That move lower failed to take out the key $0.7664 level and, as such, the short-term uptrend remains intact.

The pair has moved into a crucial long-term trendline resistance, which will be pivotal in determining the medium-term outlook for this pair. An hourly close below $0.7664 would look bearish, but until that happens, there is a good chance we could still move higher. 

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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.