FX levels to watch: EUR/USD, GBP/USD and AUD/USD
The euro has leapt higher after finding support at $1.12, while AUD/USD is preparing to challenge the top end of its recent range.
EUR/USD rallies off $1.12
EUR/USD saw strong momentum yesterday, lifting it off the $1.12 level. Fresh gains target $1.13, and then on towards $1.145.
If the $1.12 lows mark a bottom and we have a more bullish view developing, a close back below $1.12 is needed to negate this outlook.
GBP/USD tiptoes higher
There has been some limited upside for GBP/USD, but with an extension to Article 50 still to be granted, hesitation prevails.
However, if the price manages to hold $1.30 then a more bullish view might prevail, targeting $1.32 in the first instance. A close below $1.297 is needed to spark a more bearish view.
AUD/USD tests range top
AUD/USD has returned to the $0.714 area that acted as resistance in the latter half of March.
A close above $0.716 is needed to hand the initiative to the bulls and open the way to $0.72. A failure to hold above $0.716 would suggest the current range remains in place and that a move back to $0.705 is in the offing.
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