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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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

EUR/USD is attempting to lead the way, with GBP/USD and AUD/USD looking likely to reverse lower amid recent signs of weakness.

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EUR/USD looks set for further gains

EUR/USD has been consolidating over the past five days, with the price falling back towards trendline support.

The uptrend remains intact, with the price continuing to respect the $1.1790 resistance zone. With that in mind, it makes sense to watch out for the pair to push through this resistance zone, with a break below $1.1724 required to negate the current uptrend.

GBP/USD continues to gain ground within likely retracement

GBP/USD has been regaining ground following on from the deterioration through the $1.3098 swing low.

That break points towards a strong possibility of another shift lower before long, thus highlighting the importance of the Fibonacci resistance up ahead. With this in mind, there is a strong chance we will see this market move lower soon, with a break above $1.3298 required to negate the bearish outlook.

AUD/USD turning lower from trendline resistance

AUD/USD is turning lower once more this morning, following yet another rebound into trendline resistance. There is a strong chance that we will see another move lower from here to continue the wider bearish trend.

However, a break below $0.7236 would provide us with a greater degree of confidence that we are set for further downside. Given that wider outlook, look out for a turn lower from here, with a break above $0.7382 required to negate the wider downtrend.

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.  Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. 

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.

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