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

While the euro and Aussie continue to remain weak, sterling is enjoying a strong bounce. 

EUR/USD bounces, but still heading downwards

Further losses yesterday saw EUR/USD test the $1.23 level.

For now a bounce is in progress, but with the downtrend line still existence we would need to see a move back above $1.24 to reverse the bearish view.

GBP/USD looks to try and hit $1.40

GBP/USD continues to hold above the 50-day simple moving average (SMA) at $1.3918, and another run at $1.40 looks to be on the cards.

Above this, $1.4070 and then $1.4145 will be targets to watch. A close back below $1.3850 is needed to put a bearish outlook on the pair.

AUD/USD meets obstacles to recovery

AUD/USD is rebounding from big losses yesterday, but only modestly, and it now faces hurdles at $0.78, $0.7835 and $0.7850.

Further declines bring $0.7750 into view, and then $0.7712.

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