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EUR/USD, GBP/USD and AUD/USD all rising

A weaker dollar following last night’s FOMC meeting has resulted in gains for EUR/USD, GBP/USD and AUD/USD.

EUR/USD continues to gain

EUR/USD has continued to rally over the past 24 hours, heading back towards $1.089, last seen on Tuesday.

The continued bullish short-term outlook will being $1.097 into view if the price clears $1.09, which acted as resistance in the middle of the month. A reversal below $1.082 would provide a more bearish development. Today’s European Central Bank (ECB) meeting is expected to provide significant volatility, which may provide a possible test of the rising trendline.

GBP/USD remains in rising trend

A steady rising trend is in place for GBP/USD too, although gains over the past day have stalled at $1.248.

In addition, the $1.25 area may provide some resistance. Weakness yesterday found support at $1.24, so a change of trend will need a break below this level. Beyond $1.25, the $1.265 area comes into play.

AUD/USD pushes higher

In common with the equity market, the AUD/USD currency pair continues to see a move higher.

The trend has been a gentle one, with little in the way of retracements over the past 48 hours. The next target is $0.667, the high from early March, with the 200-day simple moving average (SMA) at $0.669 just beyond this.

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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