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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

​AUD/USD rallies to 7-month high, GBP/USD to 2-week high on weaker US dollar while EUR/GBP stabilizes

​​​​AUD/USD rallies to 7-month high, GBP/USD to 2-week high on data driven weaker US dollar during Independence day holiday while EUR/GBP stabilizes.

Australian Dollar Source: Getty Images

​​​AUD/USD rallies to 7-month high

​On Wednesday, AUD/USD briefly overcame the major $0.6694 to $0.6714 resistance area and rose to a 7-month high at $0.6733. This remains in sight and a rise above which would likely engage the $0.6781 late December low.

​​Immediate support can be found at $0.6704 to $0.6698.

AUD/USD Chart Source: TradingView.com
AUD/USD Chart Source: TradingView.com

​EUR/GBP advance pauses

EUR/GBP has been rejected by the key £0.8484 to £0.8503 resistance zone, a rise above which would target the 55-day simple moving average (SMA) at £0.8517, though.

​Potential slips may found support along the support line at £0.8446 ahead of the recent lows at £0.8431-30.

EUR/GBP Chart Source: TradingView.com
EUR/GBP Chart Source: TradingView.com

​GBP/USD rises again

GBP/USD found support slightly above last week's $1.2613 low before rallying to Wednesday's $1.2777 high. Above it the May high can be spotted at $1.2801.

​​Minor support below the 19 June high at $1.274 lies at the 1 July $1.271 high.​​

GBP/USD Chart Source: TradingView.com
GBP/USD Chart Source: TradingView.com

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