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

Dollar weakness is seeing EUR/USD and GBP/USD push higher, yet with the AUD/USD pair moving lower, it is clear that the AUD is weighing more heavily than USD in early trade.

EUR/USD
Source: Bloomberg

EUR/USD wedge points to further upside

EUR/USD has sold off this morning, following on from a bullish breakout overnight.

The rally through trendline and swing high ($1.1784) resistance provides a short-term bullish outlook, which would be negated with a break back below $1.1759. As such, short-term weakness would look like providing us with a more advantageous buying opportunity.

EUR/USD price chart

GBP/USD breaks key resistance level

GBP/USD has broken through the notable $1.3230 level, providing the pair with a new high, and a signal that the range of the past month remains intact.

While we could see some sort of short-term retracement, as long as we do not see a break below, $1.3135 would be required to negate the short-term bullish view. 

GBP/USD price chart

AUD/USD continues to fall despite dollar weakness

AUD/USD is breaking lower yet again this morning, with the pair falling sharply in the early hours.

The downtrend remains clear, with the creation of lower highs and lower lows remaining intact. Therefore, rallies remain there to be sold into, with a break up above $0.7608 required to negate the downtrend.

AUD/USD price chart

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