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FX snapshot – GBP/USD, EUR/USD, AUD/USD, USD/JPY

Cable remains stuck in its current downtrend, although it has yet to make fresh lows, while USD/JPY looks to be moving higher. 

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
Source: Bloomberg

GBP/USD lacking leg lower
We’re seeing $1.45 continue to act as support here, as it has done for the previous two sessions. For the moment, we are lacking a new lower low that would indicate that the current downtrend is still in place.

A break below $1.45 heads towards $1.4460, and then $1.44 itself. If the price can move above yesterday’s highs around $1.46 then further bullish momentum will take us on towards $1.4650 and then $1.4688.

EUR/USD looks to move back up
Yesterday’s drop back found support around $1.0850, so as long as this holds we continue to look for a move back towards $1.0950. A move above here heads towards $1.10, and then on towards $1.1043. If $1.0850 is broken then we look towards $1.08 and then $1.0723.

AUD/USD gains reversed
The overnight move has reversed the gains of yesterday, but the lows around $0.6935 are still in place, so while this holds a base still looks to be forming.

If indices recover, then AUD/USD could too, and we would look towards yesterday’s highs around $0.7030, and then towards $0.7138. A drop below the Monday lows would head towards $0.6833.

USD/JPY seeks to continue gains
Today, ¥117 continues to be support, and a close above ¥118 would certainly signal that more gains are on their way. In this case the area around ¥118.60 is the first target, and then ¥119.20. A break below ¥117 would head towards ¥116. 

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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.