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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.

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

The euro and sterling continue to benefit from dollar weakness, but the Aussie is not so fortunate. 

AUD
Source: Bloomberg

EUR/USD aims for new highs

Now we wait to see if EUR/USD can establish a new high for the year, and move above the $1.2538 level seen last week.

The 2012 low of $1.2661, and then the $1.2755 area, are the next targets on the upside. Possible support areas come in at $1.24, and then $1.2323.

GBP/USD continues to levitate

The GBP/USD rally shows no sign of abating here either.

Areas to watch on the upside include $1.4556 and then $1.4769, the March and April 2015 lows. Strong buying pressure was found recently at $1.40, while below this $1.3836 comes into play. 

AUD/USD’s tumble continues

AUD/USD remains under pressure, with further drops below $0.80 suggesting that the buyers are struggling to hold their ground.

Watch the $0.7941 level, as a loss of this could suggest a much wider retracement is in progress. 

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