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

A quiet start to the week has seen few moves in the FX space, but Friday’s USD strength continues to resonate. 

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

EUR/USD rolling over?

The attempt by EUR/USD to break above the 50-day simple moving average (SMA) of $1.1848 has failed twice over the past two weeks. It now looks as if we have a real shift in momentum, with the price likely to head towards the key $1.1662 level.

A close above $1.19 would be needed to suggest that the pair is headed higher. Below $1.1662 the price could move to $1.1489.

EUR/USD chart

GBP/USD recovers from Friday fall

The uptrend for GBP/USD from the March lows remains intact, with the dip to $1.31 last Friday finding buyers. The resistance levels to watch on the upside are now the $1.3268 and $1.3341 levels.

A failure to move higher would bring $1.31 back into view, and then down to the rising 100-day SMA at $1.3050.

GBP/USD chart

AUD/USD bounces from support

A sharp pullback for AUD/USD on Friday has seen the price test the area below $0.78. Below here, the October low at $0.7750 comes into play.

A rebound needs to clear the $0.79 area, which would then put $0.80 and higher back into play. 

AUD/USD chart

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