EUR/USD, GBP/USD and AUD/USD drop like a stone amid Trump tariff imposition
EUR/USD, GBP/USD and AUD/USD drop like a stone amid President Trump 10% tariff on China and 25% tariff on Canada and Mexico.
EUR/USD drops like a stone
EUR/USD's fall from its late January high of $1.0533 has accelerated as President Trump imposed new tariffs of 25% on Mexico and Canada, and 10% on China.
A gap with Friday's low at $1.0350 opened up, with the January low at $1.0178 being within reach. It should act as at least minor support.
The $1.0270 to $1.0350 price gap creates resistance.
EUR/USD daily chart
GBP/USD falls
GBP/USD's rejection by its upper downtrend channel line has so far taken it to Monday's low of $1.2225, below which lies minor support at the mid-January $1.2161 trough.
Minor resistance sits at the early January $1.2353 low.
GBP/USD daily chart
AUD/USD falls to April 2020 levels
AUD/USD has fallen to levels last traded in April 2020 at $0.6088. Below it lies the minor psychological $0.6000 support zone.
Resistance is seen at the mid-January low at $0.6165 and also at the late December low at $0.6180.
AUD/USD daily chart
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