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

The renewed weakness in the dollar means we have seen strong gains for major FX pairs this morning.

EUR/USD driven by USD weakness

EUR/USD looks to be resolving the consolidation of the past week, in favour of a fresh move to the upside.

The key development to watch for now would be a close above $1.2323, which would open the way to $1.25. Pullbacks remain buying opportunities, as the pair continues to grind out more higher highs and higher lows.

GBP/USD returns to its pre-Brexit state

We are well and truly into pre-Brexit territory now for GBP/USD. Dollar weakness continues to drive this, and the upside levels to watch now are $1.4352 and then $1.4769.

Having gone rather parabolic in recent days, the pair may be vulnerable to a pullback. Support is possible around $1.4012 and then $1.3659.

AUD/USD also goes parabolic

AUD/USD seems determined to head back to the 2017 highs of around $0.81.

Dips are short-lived, and the overall strong momentum looks set to continue. Pullbacks towards $0.78 continue to be buying opportunities. 

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