FX levels to watch: EUR/USD, GBP/USD and USD/JPY
The dollar remains under pressure for the time being, with the euro, sterling and the Aussie all making small gains after weeks of losses.
EUR/USD bulls make modest gains
The price of EUR/USD continues to hold $1.112, the lows from last week and key support back in June 2017.
A bounce targets $1.125 and trendline resistance from the March high, and a breakout above here targets $1.132 and then $1.145. A close below $1.112 reignites the bearish move.
GBP/USD builds on last week’s low
It looks like a short-term low has been created for GBP/USD, but the rebound now targets $1.30 and trendline resistance from the March high.
Above this, $1.304 and then $1.312 come into view, with a push above the 24 April high at $1.296 breaking through a previous lower high. A further decline below $1.287 would head towards the February low at $1.277.
AUD/USD tiptoes higher
The AUD/USD pair has seen steady gains over the past three sessions, finding a low around $0.70 for the time being.
Friday saw the rally peter out around $0.706, so a failure to push above here would be a bearish development. Further gains target $0.71, then on to $0.716 and $0.72. Below $0.70 the price heads towards $0.697 and then $0.683.
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