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Trading ideas for EUR/USD, GBP/USD and AUD/USD

June 23, 2021

EUR/USD: The euro remained stable against the dollar, breaking a two-day uptrend with an intraday loss of 0.14% ahead of Wednesday’s European session. The recovery in the US dollar is putting pressure on the major currency pair ahead of the release of key PMI data, as well as statements by the ECB and Fed officials.

Preliminary June activity data in Italy, Germany and the Eurozone, coupled with remarks by ECB Vice President Luis de Guindos, will give direction to EUR/USD traders. Immediate resistance can be seen at 1.1980. The breakout to the upside can trigger growth towards 1.2059.

BUY 1.1941/TP 1.2059/SL 1.1822


GBP/USD: The US dollar rose against GBP. The pair lacks the strength to move higher and oscillates in a 20 pips range. GBP/USD sellers are attacking an intraday low around 1.3940.

In the early European session, sterling fell against a slightly stronger dollar as traders braced for more aggressive rhetoric from Federal Reserve Chairman Jerome Powell, who is currently testifying before Congress.

The Fed surprised the market last week, prompting exchange rate volatility when the central bank signaled to raise interest rates and stop emergency bond purchases earlier than expected. Immediate resistance can be seen at 1.3950. The breakout to the upside can trigger growth towards 1.4075.

BUY 1.3930/TP 1.4075/SL 1.3910


AUD/USD: The AUD fell against USD to 0.7540. The pair reacted to negative price news from China but fell short of the RBA optimism. On the other hand, the survey shows that tense relations between Australia and China are putting downward pressure on AUD/USD prices. In addition, China’s warnings to the United States about its warships in the Taiwan Strait, as well as Beijing’s desire to control commodity prices, reinforce the pair’s downward trend.

Earlier in Asia, preliminary June Commonwealth Bank of Australia (CBA) activity was down from previous levels, despite the CBA calling for rate hikes in 2022. This data triggered the initial losses in the AUD/USD pair after a two-day uptrend, mainly because the leadership of the US Federal Reserve System (FRS) backed away from signals of rate cuts and rate hikes that appeared last week. Immediate resistance can be seen at 0.75, and a downside breakout could trigger an advance towards 0.7445.

SELL 0.7543/TP 0.7445/SL 0.7570