CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

Dollar weakens as EUR/USD, GBP/USD strengthen, while USD/JPY heads lower

EUR/USD, GBP/USD and AUD/USD gains look at risk, with Fibonacci retracement levels playing a key role in a potential move lower.

EUR/USD starting to flounder around key resistance

EUR/USD has managed to push back towards the top end of the recent range formation, with the pair remaining within the wider $1.1602-$1.1920 range that has dominated since the beginning of September. With the pair slowing its ascent, there is a good chance we will soon turn lower once again to maintain this range.

The decline into $1.1814 on Thursday highlights the slowing ascent, with the pair continuing to struggle with the $1.1893 level since. As such, it could be worth watching for a bearish reversal signal with a break below the $1.1814 level. To the upside, we would need to break through the $1.1920 level to bring about a bullish continuation signal.

GBP/USD breaks resistance to bring multi-month high

GBP/USD been on the rise once again this morning, with the pair breaking into the highest level seen since the beginning of September.

This pair is trading within a clear uptrend seen over the course of the past two-months, of which this latest rise is just the latest leg within that trend. As such, further upside looks likely, with a break back below the $1.3195 swing low required to bring about a bearish reversal signal.

USD/JPY decline pauses, yet downtrend persists

USD/JPY has paused for a breather after a period of significant declines since the 11 November peak.

With the pair trading within a long-term downtrend, we look likely to see further weakness play out as we move forward. For the short term, a break through the ¥104.21 swing high would be required to signal a potential intraday bounce coming into play.

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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.

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