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FX Levels to Watch – GBP/USD, EUR/USD, AUD/USD

The dollar weakness of the previous two days appears to be abating, putting some currency pairs at risk of sustained downward moves.

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.
Pound sterling coin and dollar notes
Source: Bloomberg

GBP/USD looks to retreat
​The pair has faltered at $1.4380, as it did over the previous two days. It now looks like we may see a retreat to the rising trendline, around $1.4250.

Some support is possible at $1.4330, and if bulls can hold this line we would look to $1.4450 and yesterday’s high as a first target. A more sustained dip would take the pair down to the lows of the past two weeks, around $1.4050. 

EUR/USD pushes higher
The pair is making an attempt to move above yesterday’s high, although further resistance around $1.14 may make upward progress difficult.

A drop through $1.13 would raise the prospect of a move to $1.12, the weekly pivot. Longer term, a failure to move through the high of February might suggest that the pair is still stuck in the $1.08 to $1.14 range.

AUD/USD moves lower
Despite pushing above the previous high for March, AUD/USD has moved lower once more. To keep the rally going, we need to see a close above $0.77. Some support is possible around $0.7612, but if this is lost the next area to watch is $0.75. 

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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.

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