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

The euro remains stuck below a key monthly trendline versus USD, while USD/CAD continues to hold above vital support at C$1.40. 

Source: Bloomberg

GBP/USD eyes $1.4450

Easing Brexit fears helped cable to stabilise, but once again the hourly trendline is under threat.

A downward move today would head towards yesterday’s lows around $1.4326, with a move below here heading towards support at $1.4230 and then $1.4150.

The pair needs a rally above $1.4450 (the Friday highs) to suggest a new upward move is in progress.

EUR/USD could drop to key support

The downtrend line off the 2014 high continues to curb any upside here.

A failure to push higher today would suggest that the next move is back down towards $1.0894 and then to key support at $1.08.

Below this the pair would target $1.0780 and then the January lows at $1.0710. 

AUD/USD eyes 200-day SMA

The pair has managed to hold above support at $0.70, but now it needs to move swiftly on beyond the rising hourly trendline.

If it fails here then we look towards $0.70 and then $0.6950. A break below here heads towards the lows of January around $0.6822.

If the pair does recover the hourly trendline then we look towards $0.7140 in the first instance, and then on towards the 200-day SMA at $0.7337. 

USD/CAD could drop to C$1.36

USD/CAD rallied above the C$1.40 level yesterday, but failed to move on above C$1.41, leaving it in consolidation mode.

A move above C$1.41 should be regarded as a bullish development, targeting C$1.4164 and then on to C$1.4247.

A slump below C$1.40 opens the way to C$1.3854 and then down towards C$1.36. 

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