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EUR/USD, GBP/USD and AUD/USD fall into key support​

EUR/USD, GBP/USD and AUD/USD drift lower, yet key support levels stand between this consolidation and another sharp decline.

EUR/USD turning higher from trendline support

EUR/USD has declined into trendline support overnight, with the pair now beginning to gain ground once again. Yesterday's rally took the pair into the $1.1025 resistance level, providing two further touches before turning lower.

With the price having declined back into trendline support, the key signal we are looking for is a break through either the $1.1025 resistance level or below the $1.1007 support level. Given the wider trend, there is a strong likelihood that such a break will come to the downside. However, until that break happens there is also a good chance that we will begin to turn higher following this overnight pullback.

GBP/USD breaking lower, as polls begin to tighten

Tightening election polls have been driving GBP/USD lower, with the pair managing to break below the trendline support this morning. That points towards a likely break below the next support level of $1.2825, with 76.4% Fibonacci support below there.

Should we break both those levels, it would begin to look as if we are going to head into the $1.2769 region to negate the recent break through $1.2976.

AUD/USD consolidates after hitting key support

AUD/USD has declined back into the $0.6769 support level this week, with the pair fleetingly creating a new one-month low on Monday. The continued consolidation above that level highlights the need to await a breakout from this current zone.

A break through the $0.6799 resistance level would provide us with a bullish outlook, while a decline below $0.6769 would provide a bearish continuation signal.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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