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

Dollar weakness is driving currency pairs right now, with remarkable moves across the board. 

Source: Bloomberg

GBP/USD could see 50-day SMA

The rally here has barely paused for breath, but the big question now is whether the price can push on through downward sloping resistance around $1.4625.

If it does then the way is clear to the 50-day simple moving average at $1.4715, while a turn lower will see support at $1.4540 and then $1.4430.

Much of course depends on what Mark Carney says later in the day, so be prepared for high volatility.

EUR/USD could find support at $1.1055

Another spike higher in the early part of the session puts the pair on course to break through yesterday’s highs and move above the $1.1150 level.

Levels above here include $1.1191 and then $1.1290. Any turn lower would find possible support down towards $1.1055 and then $1.0950.

AUD/USD could find support at $0.7116

The rally is back on here, although dip buyers would probably prefer to wait for another pullback rather than chasing the pair up around current levels.

Nonetheless, a move through $0.72 would be viewed as bullish, clearing the way to the January peak around $0.73, with the 200-day SMA at $0.7333 just above this.

Any pullback could find support around $0.7116, and it will take a move below the 200-hour SMA at $0.7053 to suggest a more bearish outlook.

USD/JPY could see sellers

With the pair heading back to Wednesday’s lows at ¥117, we wait to see if this level holds or if a more substantial break is in the offing.

A move below here takes us on to the 20 January lows at ¥116, with some support possible around ¥116.80.

Bounces back towards ¥118.42 are likely to bring out sellers once again. 

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