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

It looks like the rallies in the euro and sterling have run their course, while the Aussie is still mired in a narrow range. 

Source: Bloomberg

EUR/USD bounce gives up the ghost

EUR/USD has steadily recovered from Tuesday’s lows, but the bounce appears to be running out of steam at $1.16. A turn lower from here will target $1.1574, and then $1.1554 in the short term.

Below this, the $1.1489 area comes into play, with intraday rallies continuing to be sold. 

GBP/USD poised to move down

Having rallied off the lows yesterday, GBP/USD looks set to create a new lower high as it turns down from $1.3153.

A push lower will target Wednesday’s low a $1.3086, and then down to $1.3040. A change to a short-term bullish view requires a move above $1.32.

AUD/USD turns lower from top end of range

AUD/USD has been tough for trend traders these past few weeks, with the range from $0.7620 to $0.7720 still intact.

It looks like the pair is turning lower from $0.77, with the $0.7620 still a target. We wait for a break outside of this range to provide longer-term possibilities. 

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