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

Dollar strength continues to hobble EUR/USD, GBP/USD and AUD/USD. 

All trading involves risk. Losses can exceed deposits.

EUR/USD continues in main direction

While the price rallied off the lows of last week, it has still failed to change the broad direction of travel for EUR/USD.

Gains have faltered at $1.2350, so if no further upward progress develops a turn lower looks likely. Even if it does rally, it must clear $1.2450 to break the downtrend from the February high.

EUR/USD chart

GBP/USD balks at downtrend line

GBP/USD looks to be shying away from the downtrend line that has held since the beginning of February.

A turn lower targets $1.38, and then $1.37 in the short term. A close above $1.39 might indicate that a break of the current downtrend is in the offing.

GBP/USD chart

AUD/USD hits main point of resistance

We have seen a solid bounce for AUD/USD off the lows from the beginning of March, but just as the late February rally failed to break $0.79, the same appears to be happening now.

A sustained downturn would target $0.7810 and then $0.7750. Above $0.79 the $0.80 peak from mid-February comes into view. 

AUD/USD chart

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