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

FX markets have calmed, but there is little sign of an abating of US dollar strength.

EUR/USD holding $1.15 for now

EUR/USD continues to hold above the $1.1554 area for the time being, but there has not been much upside either.

A break of $1.1554 still indicates a much broader decline is in the offing, continuing the downtrend from late April. A move above $1.1750 is needed to break downtrend resistance.

GBP/USD finds little bullish strength

A bounce back above $1.33 for GBP/USD is needed to break downtrend resistance from the late April high.

Meanwhile, the close yesterday below the May low of $1.3204 also suggests further downside is likely. The next major area of support is $1.3039.

AUD/USD pushes lower

AUD/USD has established a new lower low in its current downtrend, and with momentum now oversold a rebound could begin to develop.

However, a close above $0.77 would be needed to indicate that a new longer-term move higher is underway. Further declines would bring $0.7310 into play.

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