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Dollar weakness continues to drive EUR/USD, GBP/USD and AUD/USD higher

Further gains seem likely for key FX pairs as the dollar continues to decline, although signs of weakness in AUD/USD lend a note of caution to proceedings this morning.

EUR/USD prepares to move higher

While the EUR/USD gains have slowed, there has been so outright reversal.

A drift back from $1.18 is already beginning to find support around $1.175, with a new move higher targeting a new high above Wednesday’s peak. Below $1.175, the price heads towards $1.17, where support was found earlier in the week.

GBP/USD still in uptrend

GBP/USD maintains its iron grip on its uptrend, with a drop back from yesterday’s highs raising the possibility of a higher low in due course, potentially around $1.294.

As noted yesterday, there is no sign as yet of any substantial turn lower.

AUD/USD uptrend intact despite trendline break

AUD/USD has dropped below one uptrend, but remains in an overall move higher.

A recovery above $0.716 would likely provide the bullish trigger for those looking to enter new long positions. Further declines target last week’s lows towards $0.706.

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