EUR/USD and AUD/USD hard hit, with GBP/USD attempting to hold its ground
EUR/USD and AUD/USD suffered sharp losses yesterday, with a stronger dollar weighing on GBP/USD as well.
EUR/USD knocked back to three-week low
Strong US data yesterday put the dollar on the front foot once again, pushing EUR/USD to its lowest level in three weeks.
Buyers will want to push the price back above $1.215 to recover a short-term bullish view, while sellers are hoping that any bounce will be short-lived in order to open the way to further downside, targeting $1.20 in the first instance.
GBP/USD stumbles to $1.41
With the GBP/USD, the dollar found some strength against sterling too yesterday.
However, the downside seems to have slowed as it reaches $1.41, with any potential bounce needing to clear $1.42 to avoid reinforcing the lower high from yesterday.
AUD/USD drops to seven-week low
AUD/USD was shaken out of its complacency to a degree by yesterday’s resurgent US dollar, dropping below $0.77 for the first time since mid-April.
It has found support for now at $0.765, but with lower highs in place since the middle of May a move above $0.775 is needed to restore a more bullish view.
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