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FX snapshot: GBP/USD, EUR/USD, USD/CAD, AUD/USD

GBP/USD continues to hold its ground, while USD/CAD bulls will be looking to reverse the losses seen yesterday.

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.

GBP/USD eyes $1.52

The currency pair failed to push on from its intraday bounce to $1.52 yesterday, but $1.51 continues to hold the line as support for the time being. Any upside bounce needs to clear $1.5189 and then move towards the $1.5273 area.

The real test of support comes around the June lows towards $1.5090, and for the time being the pair shows no inclination to move below this area, or even below $1.51. 

EUR/USD could drop to a September low

A steady decline yesterday has seen us test the $1.1150 area once again, and while support has been found around $1.1143, it looks as if this will be only a temporary respite before a more extended move to $1.10, the lows of 23 September.

A bounce will need to head back towards $1.1250, with further resistance for the currency pair in store around $1.1340.

USD/CAD could head to C$1.3450

A sharp pullback yesterday put this pair back below C$1.34 once again, but for the time being support has been found at C$1.3278.

If this level is broken then the pair may head towards the 23 September lows at C$1.3250, but with the hourly RSI and MACD bottoming out a bounce towards the intraday pivot at C$1.3355 cannot be ruled out.

A move above here would send us heading back to C$1.3450.

AUD/USD above 200-hour SMA

The bounce in AUD/USD that began on Tuesday is still intact, with intraday resistance at $0.7080 standing in the way of a break towards fresh highs for the week. The price has moved above the 200-hour SMA ($0.7038) once again, bringing to an end the downward move that has prevailed since 22 September.

Further resistance lies towards $0.7150 and then $0.7277, with support coming in at $0.6980 and then $0.6930. 

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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.