FX Levels to Watch – GBP/USD, EUR/USD, AUD/USD

The dollar weakness of the previous two days appears to be abating, putting some currency pairs at risk of sustained downward moves.

Pound sterling coin and dollar notes
Source: Bloomberg

GBP/USD looks to retreat
​The pair has faltered at $1.4380, as it did over the previous two days. It now looks like we may see a retreat to the rising trendline, around $1.4250.

Some support is possible at $1.4330, and if bulls can hold this line we would look to $1.4450 and yesterday’s high as a first target. A more sustained dip would take the pair down to the lows of the past two weeks, around $1.4050. 

GBP/USD chart

EUR/USD pushes higher
The pair is making an attempt to move above yesterday’s high, although further resistance around $1.14 may make upward progress difficult.

A drop through $1.13 would raise the prospect of a move to $1.12, the weekly pivot. Longer term, a failure to move through the high of February might suggest that the pair is still stuck in the $1.08 to $1.14 range.

EUR/USD chart

AUD/USD moves lower
Despite pushing above the previous high for March, AUD/USD has moved lower once more. To keep the rally going, we need to see a close above $0.77. Some support is possible around $0.7612, but if this is lost the next area to watch is $0.75. 

AUD/USD chart

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