FX snapshot: GBP/USD, EUR/USD, USD/CAD, AUD/USD

GBP/USD continues to hold its ground, while USD/CAD bulls will be looking to reverse the losses seen yesterday.

GBP/USD eyes $1.52

The currency pair failed to push on from its intraday bounce to $1.52 yesterday, but $1.51 continues to hold the line as support for the time being. Any upside bounce needs to clear $1.5189 and then move towards the $1.5273 area.

The real test of support comes around the June lows towards $1.5090, and for the time being the pair shows no inclination to move below this area, or even below $1.51. 

EUR/USD could drop to a September low

A steady decline yesterday has seen us test the $1.1150 area once again, and while support has been found around $1.1143, it looks as if this will be only a temporary respite before a more extended move to $1.10, the lows of 23 September.

A bounce will need to head back towards $1.1250, with further resistance for the currency pair in store around $1.1340.

USD/CAD could head to C$1.3450

A sharp pullback yesterday put this pair back below C$1.34 once again, but for the time being support has been found at C$1.3278.

If this level is broken then the pair may head towards the 23 September lows at C$1.3250, but with the hourly RSI and MACD bottoming out a bounce towards the intraday pivot at C$1.3355 cannot be ruled out.

A move above here would send us heading back to C$1.3450.

AUD/USD above 200-hour SMA

The bounce in AUD/USD that began on Tuesday is still intact, with intraday resistance at $0.7080 standing in the way of a break towards fresh highs for the week. The price has moved above the 200-hour SMA ($0.7038) once again, bringing to an end the downward move that has prevailed since 22 September.

Further resistance lies towards $0.7150 and then $0.7277, with support coming in at $0.6980 and then $0.6930. 

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