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

A new Brexit poll this morning puts fresh strength into sterling, while the Aussie continues its woeful performance. 

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 forex pair
Source: Bloomberg

GBP/USD
The drop back from the highs of last week continues, but for now the $1.14450 support area is preventing further downside. However, the pair needs to push on above $1.45 and then $1.4550 in short order to avoid fresh downside and a move back to the rising trendline from the March lows.

If further selling does develop then support may enter the fray around $1.4367, the 50-day simple moving average (SMA), and then below this the trendline comes in around $1.4340.

EUR/USD
An early gain for this pair indicates the rising trend from last week is still in full swing. The next target is, once again, the $1.4670 area, and if it closes above here then the next area to watch will be the 200-day SMA at $1.4783.

Only a move below $1.44 would negate the current bullish outlook.

AUD/USD
Further comments overnight have sent the pair crashing below the $0.72 area, with the outbreak of fresh bearish momentum taking us rapidly towards $0.71 and then down towards $0.70.

It looks like selling on the rallies is still the main approach to take here, so as long as the pair doesn’t move back above $0.73, any rally should be taken as an opportunity for further short positions.

USD/JPY
The drop back below ¥111 adds further to the idea that we may be seeing an end to the current bounce off the May lows, with the longer-term downtrend reasserting itself.

So long as the pair holds below ¥111 then the next target will be the area around ¥108. It would take a firm close above the high from Monday, and even then bulls will need to get the price firmly above the late April high of ¥112. 

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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.