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EUR/USD and AUD/USD still rallying, as GBP/USD looks to rebound

There is no stopping the euro and Australian dollar in their rallies against the US dollar, but for sterling the picture is more mixed.

EUR/USD rally enters another day

Eurozone assets remain in high demand, as seen by the gains in the region’s indices and in EUR/USD.

As we have seen with the DAX, the pair has continued to rally, and while it has dropped back overnight it is already in the process of trying to rally. Bullish crossovers in hourly stochastics and moving average convergence/divergence (MACD) may point to a possible entry point if a higher low is created. Even a deeper retracement from current levels is likely to find support closer towards the rising 200-hour simple moving aervage (SMA) at $1.1331.

GBP/USD attempts to rally

After a retreat from $1.265, the GBP/USD price appears to be fighting to stabilise around $1.254.

Further gains would make for $1.265 once more, the key resistance over the past week. A turn lower would revive a move towards $1.25 and potentially lower, reinforcing a more bearish view.

AUD/USD keeps on climbing

After finding support earlier in the week at $0.6920, the AUD/USD price has resumed its march higher.

Yesterday’s gains took it through resistance around $0.70, and while there has been a pullback from there, it looks to be in the process of establishing a higher low, which would be confirmed by bullish crossovers on the hourly stochastics and MACD.

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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