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FX levels to watch: EUR/USD, GBP/USD and AUD/USD

The dollar has come back into prominence in the wake of the Fed rate decision, sending EUR/USD, GBP/USD and AUD/USD lower. Is this the beginning of the next move lower?

EUR/USD breaking down once more following Fed meeting

EUR/USD has turned lower from the 61.8% retracement level, as it looks set for another leg lower to conform with the wider long-term downtrend.

The ABC retracement seen throughout November thus far failed to break through the $1.1621 level, pointing towards a potential reversal downwards once more. That looks to be coming into play given the break below the $1.1353 swing low set earlier in the week. As such, further downside looks likely from here, with a break above $1.1621 required to negate the bearish outlook.

GBP/USD pulls back towards crucial support level

GBP/USD has also been weakening in the aftermath of the Federal Reserve (Fed) rate decision yesterday, with the pair turning lower from the 76.4% retracement level.

That points towards a potential breakdown from here, with a rally through $1.3258 required to break into a more bullish phase. However, for added confidence, keep an eye out for a break below the $1.2951 swing low.

AUD/USD turning lower below key breakout level

AUD/USD has started weakening from just below a key breakout level, which would have mimicked the move seen in NZD/USD this week.

That inability to break through that level could see us move back in line with the wider long-term bearish trend for the pair. As such, a potential breakdown from here looks likely unless we see a rally through the $0.7315 swing high. For added confidence, keep an eye out for a break back below the $0.7182 swing low.

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