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EUR/USD, GBP/USD and AUD/USD continue their short-term weakness

Dollar strength has led to short-term losses in EUR/USD, GBP/USD and AUD/USD.

EUR/USD edges down once more

EUR/USD has continued the run of declines seen on Thursday, returning to trendline support from the early-December low.

A move below $1.223 would trigger a more short-term negative view, and could open the way to the 50-day simple moving average (SMA) at $1.2023. A rebound targets Wednesday’s highs above $1.23.

GBP/USD remains in short-term triangle

A short-term descending triangle has formed, as the GBP/USD price sees a run of daily lower highs but holds above support at $1.355.

It is also holding above trendline support from early December, therefore, a move below this and below $1.355 support would open the path to some more short-term weakness, potentially as far as the 50-day SMA at $1.336.

AUD/USD benefits from global risk-on move

While it has dropped back over the past 24 hours, AUD/USD has been a big winner from the outbreak of risk appetite so far this year and throughout December.

Having rallied to a near three-year high, the price has edged back to short-term trendline support, with a break below $0.77 likely to signal a more substantial near-term correction. A recovery from trendline support targets $0.78 and then on to new multi-year highs.

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

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