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 pullback could bring buying opportunity

EUR/USD, GBP/USD, and AUD/USD weaken from key resistance, yet uptrends point towards potential for another bullish reversal.

EUR/USD turns lower once more from trendline resistance

EUR/USD has once again struggled to break through an area of resistance, with the recent rally failing at a long-term descending trendline once more.

While the uptrend remains intact, the declines we are currently seeing do raise some uncertainty over the longevity of this recent bullish trend. With that in mind, watch out for a potential move upwards from the confluence of trendline and 76.4% Fibonacci support. Should the pair break through that region, a decline back below the $1.1696 level would provide a bearish reversal signal.

GBP/USD pullback brings potential buying opportunity

GBP/USD has similarly declined from a notable area of resistance, with the recent rally taking us into, but not through, the March peak of $1.32.

With the price subsequently dropping into trendline and Fibonacci support, we need to either rebound from here or break out from this current uptrend. As such, watch for a potential bullish resurgence from here, with a decline through the $1.2981 level required to negate the current bullish trend.

AUD/USD weakens with clear uptrend

AUD/USD is also weakening, despite a bullish trend taking hold throughout recent months. The continued creation of higher lows is key here, with a break back below the $0.7076 level required to negate the current bullish outlook.

Until then, there is a good chance that this current period of weakness is a precursor to another leg higher for this pair. A break up through the 20 threshold on the stochastic could provide a good bullish signal for the pair, as we await an upward shift in momentum.


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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