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.

EUR/USD, GBP/USD and AUD/USD on the rise, with key resistance up ahead

EUR/USD, GBP/USD and AUD/USD on the rise, but key resistance remains to be broken.

EUR/USD rallies into key confluence of resistance

EUR/USD has started fading somewhat after a rally into the confluence of a descending trendline and the 76.4% Fibonacci retracement level at $1.1851. With a wider bearish trend in play, there is a good chance we will see the pair reverse lower before long.

A move back below the $1.1735 level brings greater confidence of a bearish reversal for the pair. To the upside, a rise through the $1.1851 Fibonacci level would be required to signal a potential push towards the crucial $1.1908 level.

GBP/USD falls back from trendline resistance

GBP/USD has been on the back foot over the past 24 hours, with the price easing back from the confluence of trendline and 76.4% Fibonacci resistance.

That has taken us back into an ascending trendline, with the price starting to regain ground around that level. A break below the $1.368 level would be required to bring about a more bearish outlook for the pair.

AUD/USD continues to push back towards key resistance

AUD/USD has continued its upward trajectory, with the pair pushing towards the notable $0.7381 resistance level. However, it is worthwhile watching out for the 76.4% Fibonacci resistance at $0.7351.

Ultimately, we will need to see the likes of $0.7381 and $0.7426 taken out to bring about a fresh wider bullish outlook. Until then, keep an eye out for a potential bearish turn from these levels, with a break below $0.7302 bringing greater confidence of such a move.

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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