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

The renewed weakness in the dollar means we have seen strong gains for major FX pairs this morning.

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 driven by USD weakness

EUR/USD looks to be resolving the consolidation of the past week, in favour of a fresh move to the upside.

The key development to watch for now would be a close above $1.2323, which would open the way to $1.25. Pullbacks remain buying opportunities, as the pair continues to grind out more higher highs and higher lows.

GBP/USD returns to its pre-Brexit state

We are well and truly into pre-Brexit territory now for GBP/USD. Dollar weakness continues to drive this, and the upside levels to watch now are $1.4352 and then $1.4769.

Having gone rather parabolic in recent days, the pair may be vulnerable to a pullback. Support is possible around $1.4012 and then $1.3659.

AUD/USD also goes parabolic

AUD/USD seems determined to head back to the 2017 highs of around $0.81.

Dips are short-lived, and the overall strong momentum looks set to continue. Pullbacks towards $0.78 continue to be buying opportunities. 

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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.