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FX levels to watch – EUR/USD, GBP/USD, AUD/USD

EUR/USD, GBP/USD and AUD/USD all looking bullish following a short-period respite for the US dollar.

EUR/USD figures
Source: Bloomberg

EUR/USD could turn higher from Fib support

EUR/USD has sold off sharply in the second half of this week, with price falling into the 76.4% retracement. Considering the rally coming into this pullback, there is reason to believe we could turn higher from here.

As such, a bullish outlook remains in place until we see a break back below $1.1109. 

EUR/USD chart

GBP/USD gains look likely to be short-term

GBP/USD is continuing to rise this morning, following on from the Bank of England (BoE) bounce yesterday. While there is an increased chance of a rate hike, it is highly unlikely to come into fruition anytime soon.

As such, the bearish trend is likely to return soon enough. Look out for Fibonacci resistance up ahead as a potential reversal area. We would need a break through $1.2977 to negate this bearish bias.

GBP/USD chart

AUD/USD heading higher after pullback

AUD/USD is turning higher this morning, off the back of a pullback to $0.7567 support once more. The fact that we didn’t break that level means we are likely to turn higher from here, with an hourly close below $0.7567 needed to negate that view.

The long-term picture looks bullish, which helps drive this short-term view.

AUD/USD chart

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