EUR/USD, GBP/USD and AUD/USD all come under heavy pressure

Dollar strength in the wake of FOMC minutes has put further pressure on key FX pairs.

EUR/USD heads toward one-year low

Federal Reserve (Fed) minutes have given the downward move additional impetus, moving EUR/USD below the lower bound of the descending channel in place since late June.

This opens the way to $1.1615 lows last seen in September and October last year. There has been little sign of a bullish rebound, with yesterday’s attempt at a bounce fizzling out.

GBP/USD heads towards July low

Similarly, GBPUSD's small bounce in the first half of Wednesday’s session turned into a decline that has continued into today’s session.

This brings the-July low at $1.36 into view, and leaves the bearish view firmly intact. Any rebound needs to clear trendline resistance from the late-July high with a move above $1.38.

AUD/USD sinks yet further

The AUD/USD here has lurched lower, wiping out almost all the gains made since early November.

Further declines bring $0.716, $0.7093 and $0.6973 into view as targets to the downside. Dip buyers have been unable to turn this one around, with the pair still firmly heading lower, and momentum still firmly skewed to the downside with low stochastic and moving average convergence/divergence (MACD) readings.

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