CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.

FX levels to watch – EUR/USD, GBP/USD, AUD/USD

It is a mixed picture across the FX space this morning, resulting in some interesting developments for key currencies like the euro and sterling. 

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.

EUR/USD still on the up ahead of ECB

Ahead of the European Central Bank (ECB) meeting EUR/USD continues to push higher, although moves above $1.18 are still bringing out the sellers.

The short-term rising trendline from the lows of late May remains intact, and dips so far have found buyers. A close above $1.18 opens the way to $1.1915, while a move back below $1.1650 would provide a bearish catalyst.

GBP/USD hit by poor economic news

Yesterday’s weak data caused GBP/USD to move lower, and with more news expected today it remains in focus.

A close below $1.3321 would provide another bearish development, opening the way to the lows of late May at $1.3204. A close above $1.3472 is needed to change the negative outlook.

AUD/USD rally goes on for now

AUD/USD continues to gain ground, posting a series of higher lows, but the key development, a move back above the longer-term rising trendline, continues to elude the bulls.

Any failure to move above $0.77 could signal a wider bearish move in the longer term. 

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