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. 

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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