FX levels to watch: EUR/USD, GBP/USD and AUD/USD
A revived US dollar has hit EUR/USD and AUD/USD, with the latter stuck around the lows seen in early February.
EUR/USD still in bearish pattern
The EUR/USD rebound faltered yesterday at $1.134, but for now the fall is abating above $1.132.
A push below $1.131 would mark a resumption of the bearish move, targeting $1.125 and $1.122. Possible near-term resistance would be $1.134 and $1.137, but the bearish move persists unless we see a close above $1.144.
GBP/USD dip buyers get active
GBP/USD has continued its modest pullback, but has found some buyers around $1.315.
If this is a higher low, then a move back towards $1.335 would reinvigorate the current rally. Further declines head towards $1.304 and then $1.295.
AUD/USD stuck around February lows
The Aussie has been little-changed over the past month overall, with AUD/USD repeatedly visiting the $0.707 area. This has continued to hold as support, but the late-February rally faltered around $0.72, so we now have the makings of a descending triangle.
A break below $0.7055 would head $0.6973 and then $0.6828 in the longer term. A bounce needs to clear $0.718 to break the triangle formation.
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