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

The dollar is falling out of favour once more this morning, with EUR/USD, GBP/USD, and AUD/USD all turning higher, in a follow up to last week’s strength.

GBP/USD
Source: Bloomberg

EUR/USD breaks higher, with further upside looking likely

EUR/USD has punched into a new two-month high this morning, following on from a sharp appreciation on Friday. With a shallow pullback this morning, we can look for short-term upside play, utisiling the close proximity of the recent swing low to enable a strong risk-to-reward trade.

As such, while the price remains above $1.1912, another leg higher looks likely from here. A move back below that level would point towards a retracement of the move up from $1.1836.

EUR/USD chart

GBP/USD breaks resistance amid upward channel

GBP/USD is punching higher this morning, in a continuation of the ascending channel that has been in play for the past fortnight.

With the price moving above $1.3338, it looks like we're in the midst of a bullish breakout for the pair. This is in line with the wider bullish trend throughout 2017.

GBP/USD chart

AUD/USD breaking higher once more

AUD/USD is pushing higher, following a retracement lower in the second half of last week.

The ability to break through $0.7638 is key to providing a signal that we will see further upside to come from here. Given the long-term downtrend, this bullish shift is tentative in nature. 

AUD/USD chart

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