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

EUR/USD, GBP/USD and AUD/USD all head higher, with a dollar weakness story building. Both EUR/USD and GBP/USD have significant resistance hurdles to overcome, while AUD/USD looks to have broken from its recent downtrend.

Source: Bloomberg

EUR/USD pushes back towards key resistance level

EUR/USD is challenging the $1.1861 level once again this morning, and the ability to break through that level is key to determining the outlook for the day.

An hourly close above that level would point towards a possible move into $1.1879 resistance. Conversely, a failure to break through $1.1861 could be deemed as a reversal point for the market. 

GBP/USD breaking towards crucial resistance level

GBP/USD is breaking higher yet again this morning, following the respect of trendline support. With the huge $1.3338 resistance level up ahead, the day is going to be dictated by whether we see a break through that level or not.

A failure to break through $1.3338 would provide a potential bearish reversal area for the pair. On the other hand, a bullish breakout would point towards another period of upside, with precious few major resistance levels up ahead.

AUD/USD breaks out of recent downtrend

AUD/USD has broken through trendline and 50-period simple moving average (SMA) resistance this week, with the price managing to push into a new higher high, above $0.7608.

With that in mind, there is room for further upside from here, as long as we do not break below $0.7555 support. Near-term support comes in the form of the $0.7608 swing high.

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