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

Dollar weakness took a breather yesterday thanks to a stronger PMI figure, but it appears to be back 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 fails to push higher

EUR/USD’s downtrend line from the highs of 2 January continues to hold. We have seen rallies so far this morning peter out around $1.2040, so a close above here on the hourly chart would signal a wider bullish move.

If the trendline continues to hold, the lows of the week just above $1.20 would come into play. The rising trendline from the December lows has yet to be tested, with this requiring a move down towards $1.1970.

GBP/USD aims for a rebound

GBP/USD buyers have come in to defend the $1.35 level over the past week.

Further upside momentum this morning comes ahead of the vital services purchasing managers index (PMI) number. Additional gains will target $1.3550, and then on to $1.3613. 

AUD/USD keeps on moving higher

AUD/USD continues to march higher, having hit its highest level in over two months yesterday. The next areas to watch on the upside are $0.7877 and then $0.7897.

Meanwhile, the upward trend comes in as support around $0.7807, but a move below $0.7750 is needed to put a more bearish perspective on the pair.

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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.