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The dollar has gained prominence following on from the FOMC meeting, with EUR/USD, GBP/USD and AUD/USD all tumbling.
EUR/USD managed to break below trendline support, bringing about a retracement phase for the pair.
For the time being this looks like a retracement of the rally from $1.1526, thus pointing towards a possible rebound from $1.1594. However, should we break below $1.1526 then things begin to look increasingly like we would be retracing the wider rally from $1.13.
GBP/USD has tumbled towards the critical $1.3054 support level, following a rebound into the 61.8% retracement.
The ability to break below that level would confirm both a lower high and lower low for the pair. As such, watch for a break and closed candle below that level to pave the way for further downside.
AUD/USD has been turning lower since the Federal Open Market Committee (FOMC) meeting, with the price having briefly rallied into the 76.4% retracement.
The wider context points towards further downside to come, with any rebound likely to be short-term in nature. As such, a bearish outlook remains unless we see a break above $0.7315.
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