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 after recent retracement

EUR/USD, GBP/USD and AUD/USD push higher after recent retracements, with further dollar weakness looking likely.

EUR/USD on the rise as pair attempts to break bearish trend

EUR/USD is on the rise following a sharp decline into the 61.8% Fibonacci support level. The wider downtrend seen since the turn of the year helped cause the latest decline despite a deep retracement last week.

That recent bearish trend does still remain in play until we break through the $1.2170-$1.2190 resistance zone. Thus while we could see further short-term upside, there is always risk of another leg lower given the recent trend.

GBP/USD continues to bring buying opportunities

GBP/USD has been on the rise once again, with the pair moving into the highest level since April 2018. That comes off the back of a 61.8% retracement and subsequent surge. With the stochastic rolling over, there is a chance we could see another retracement move before long.

However, such short-term downside simply provides us with further buying opportunities, with a break below the $1.3830 swing-low required to negate the current uptrend.

AUD/USD turns higher after latest retracement

AUD/USD has managed to break higher after a pullback into trendline support this week. The recent uptrend points towards further gains until we break from this trend of higher lows.

With that in mind, a bullish outlook holds unless $0.7724 breaks. To the upside, the $0.7820 provides a key resistance hurdle to overcome in a bid to continue the ongoing bullish phase.


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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