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

Renewed pressure on AUD/USD has seen the pair drop below key support, while the pound seems unstoppable at present.

Source: Bloomberg

EUR/USD pauses for breath

EUR/USD remains well off the highs from the beginning of the week, but it is still holding the rising trend from the November lows.

It has failed to move back above $1.1880, which would clear the way to test the Monday highs, above $1.1950. Meanwhile, a push below Wednesday’s low of $1.1817 would likely signal that the November rally has run its course.

GBP/USD keeps on pushing higher

New higher highs for GBP/USD in the current uptrend, suggest that the sterling bulls are not done yet.

Further gains will target $1.3571, and then $1.3596. A move back below $1.3441 would likely be a bearish development.

AUD/USD turns lower once more

AUD/USD’s drop yesterday put paid to any hope of a bounce from the December 2016 rising trendline, and indeed now it looks like the trendline is acting as resistance.

The next downside target would be around $0.7500, and then down to $0.7364, and $0.7310. A push higher needs to clear $0.7644, and would then target $0.7748.

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