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

It is a mixed picture across the FX space this morning, resulting in some interesting developments for key currencies like the euro and sterling. 

EUR/USD still on the up ahead of ECB

Ahead of the European Central Bank (ECB) meeting EUR/USD continues to push higher, although moves above $1.18 are still bringing out the sellers.

The short-term rising trendline from the lows of late May remains intact, and dips so far have found buyers. A close above $1.18 opens the way to $1.1915, while a move back below $1.1650 would provide a bearish catalyst.

GBP/USD hit by poor economic news

Yesterday’s weak data caused GBP/USD to move lower, and with more news expected today it remains in focus.

A close below $1.3321 would provide another bearish development, opening the way to the lows of late May at $1.3204. A close above $1.3472 is needed to change the negative outlook.

AUD/USD rally goes on for now

AUD/USD continues to gain ground, posting a series of higher lows, but the key development, a move back above the longer-term rising trendline, continues to elude the bulls.

Any failure to move above $0.77 could signal a wider bearish move in the longer term. 

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