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EUR/USD and GBP/USD decline as AUD/USD fights to hold its ground

The euro and sterling are weakening against the dollar, while the Aussie is refusing to head lower despite the recent lower high.

EUR/USD on the back foot

Yesterday’s EUR/USD reversal back below $1.22 does look to have given the sellers the upper hand, with further losses since then putting $1.21 back into view.

The lower high at $1.22 seems to confirm the bearish view, and will mean that buyers need to get the price back above this level to restore a bullish view.

GBP/USD heading to lower bound of trading range

GBP/USD having dropped back from $1.42 once again the price is now heading back to the $1.41 support zone.

This will need to break for a more bearish view to prevail; at present the rangebound trading of the past few sessions continues to prevail.

AUD/USD holds its ground

While the AUD/USD lower high of earlier in the week is still intact, there has not yet been much in the way of downside momentum.

Losses have been stemmed above $0.772, so a move below here would reinforce the bearish view and bring $0.77 and lower into view. Alternatively, buyers need to move the price back above $0.776 to break the sequence of lower highs and provide a more near-term bullish view.

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