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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

AUD/USD, EUR/USD and GBP/USD remain bid post Fed 50 bps rate cut

AUD/USD, EUR/USD and GBP/USD remain bid post Fed 50 bps rate cut, provided the crosses stay above their Wednesday lows.

USD Source: Adobe_images

​​AUD/USD remains bullish

AUD/USD reached its July peak at $0.6798 but not yet its August high at $0.6824 which was nearly hit on Wednesday, though, and remains in sight. If overcome, the 2 January high at $0.6839 will be in focus, followed by the late December peak at $0.6871.

Immediate upside pressure should be maintained while Wednesday's low at $0.6738 underpins.

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

EUR/USD at a loss

EUR/USD didn't know which way to go following Wednesday's 50 basis points rate cut but once more has its 6 September high at $1.1155 in its sights with Wednesday's low at $1.1069 acting as minor support.

Further minor support comes in around the 3 September low at $1.1027.  Above $1.1155 lie Wednesday's high at $1.1189 and the August peak at $1.1201.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

GBP/USD resumes advance

GBP/USD briefly overshot its recent highs at $1.3239-to-$1.3267 with Wednesday's high at $1.3298 which then capped. These levels are now back in focus and will remain so while Tuesday's low at $1.3147 underpins on a daily chart closing basis.

Were a rise above $1.3298 to be seen, the $1.3358 January 2022 low would be next in line. 

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

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