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

A quiet start to the week has seen few moves in the FX space, but Friday’s USD strength continues to resonate. 

Australian dollar
Source: Bloomberg

EUR/USD rolling over?

The attempt by EUR/USD to break above the 50-day simple moving average (SMA) of $1.1848 has failed twice over the past two weeks. It now looks as if we have a real shift in momentum, with the price likely to head towards the key $1.1662 level.

A close above $1.19 would be needed to suggest that the pair is headed higher. Below $1.1662 the price could move to $1.1489.

GBP/USD recovers from Friday fall

The uptrend for GBP/USD from the March lows remains intact, with the dip to $1.31 last Friday finding buyers. The resistance levels to watch on the upside are now the $1.3268 and $1.3341 levels.

A failure to move higher would bring $1.31 back into view, and then down to the rising 100-day SMA at $1.3050.

AUD/USD bounces from support

A sharp pullback for AUD/USD on Friday has seen the price test the area below $0.78. Below here, the October low at $0.7750 comes into play.

A rebound needs to clear the $0.79 area, which would then put $0.80 and higher back into play. 

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