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EUR/USD, GBP/USD, and AUD/USD hit by strong dollar

EUR/USD, GBP/USD, and AUD/USD hit hard as market weakness brings a dollar resurgence.

EUR/USD declines into key support

EUR/USD has been on the slide over recent days, with the pair dropping into a crucial support level at $1.1754.

A drop below that point would bring the uptrend to an end, signalling the potential beginning of a bearish phase for EUR/USD. With that in mind, watch for how we react to this level as a gauge of forthcoming direction. A closed candle below that threshold would bring about a bearish signal for the pair.

GBP/USD slumps into four-week low

GBP/USD has been on the slide over the course of the past week, with September proving to be a bad one for bulls.

That bearish trend is likely to persist until we see otherwise, with the hourly chart highlighting the intraday pattern in play. With that in mind, further downside looks likely, with a rise through the $1.3056 mark required to negate the bearish trend.

AUD/USD rebounds from trendline support

AUD/USD has managed to turn the tide in early trade, with trendline support once again providing a welcome reprieve for the pair.

How far this rebound goes remains to be seen, especially given the dollar appreciation we have seen in the face of growing stock market declines. However, until we see that trendline broken, there is a good chance we could see further upside over the short term.

This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.

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