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

Rangebound trading is in vogue in FX as with indices, although the pound continues its downward move against the dollar. 

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 continues to move in a straight-line
The steady straight-line move continues here, with the 50-hour simple moving average (SMA) ($1.4433) continuing to act as resistance to any upside move, however modest.

Bears will still be looking for a move towards $1.4352, below which we will see significant selling momentum develop. If the price clears $1.4433, then upside targets lie around $1.4463 and then $1.4560. 

EUR/USD remains rangebound
The December range of $1.08 - $1.10 continues to haunt EUR/USD traders, as we remain stuck within this. A dip at the beginning of the month brought out the buyers, but they were not able to push on beyond $1.0945. A move higher today targets this area, and then to $1.1043. If the price drops back then we look to support at $1.0746. 

AUD/USD in limbo
Much like indices at present, AUD/USD is not able to hold a rally, but nor does it show much inclination to head significantly lower. So far the area around $0.6930 is still holding up well as support, and for the moment bulls still seem to be building a base. Any bullish action needs to clear $0.70, and if that happens then $0.7089 and then $0.72 come into play. 

USD/JPY still stuck at support
While ¥117 remains as support, any moves above ¥118 have been short-lived. Until a daily close is seen above this level, the pair remains as rangebound as many indices. A break higher heads towards ¥118.75 and then ¥119, while support is found around ¥116.72 and then ¥116.06. 

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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.