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

The euro continues to stumble, but there seems no stopping for AUD/USD.

All trading involves risk. Losses can exceed deposits.
Australian dollar
Source: Bloomberg

EUR/USD facing a crucial day

EUR/USD was knocked back yesterday, and today will be crucial, in that the pair needs to close above $1.1445 to maintain short-term upward momentum.

A close below $1.1366 is needed to signify that a near-term top is at hand. Upside targets lie at $1.1490 and then $1.1584.

EUR/USD price chart

GBP/USD about to test $1.3084?

GBP/USD’s rally off the 50-day simple moving average (SMA) at $1.2869 suggests we may be about to see another test of the $1.3084 level.

A breakout above here means that a longer-term move to $1.3427 could be in play. Bears will need to push the price below $1.2825, and then take out the 100-day SMA, currently at $1.2692.

GBP/USD price chart

AUD/USD rallying on

There seems little to stop this rally on AUD/USD, as it breaches June highs and charges on to the March peak at $0.7748.

A close back below $0.7712, the June high, could be a worrying development, but for the time being the bulls have the upper hand. Above the March highs the next targets are $0.7778 and then $0.7835.

AUD/USD price chart

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