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 unlikely to last

EUR/USD, GBP/USD and AUD/USD weakness proves brief, with the bulls likely to come back into play.

​EUR/USD weakens, yet bulls could yet come back into play

EUR/USD fell below the $1.185 support level yesterday, with the price falling back into the prior resistance level of $1.183 which now provides support.

The original break through $1.1881 did signal the potential for a bullish reversal of the downtrend seen in June and July. Thus, this recent breakdown could yet be a retracement before we head higher once again. With that in mind, watch for the bulls to potentially come back into play here, with a break below the $1.1752 low required to bring a continuation of that bearish trend.

GBP/USD respecting 76.4% Fibonacci support once again

GBP/USD looks to have found support on the 76.4% Fibonacci support level once again, with the pair on the rise from that $1.3876 level in early trade.

With the recent trend of higher lows still in place, this somewhat drawn out retracement phase still does look like a buying opportunity. That bullish view holds unless the price falls below the $1.3843 swing low.

AUD/USD turning higher once again within rising channel

AUD/USD is turning higher once again this morning, following a 61.8% retracement that came after a rise back into trendline resistance. The recent rising channel remains in play here, with the price looking likely to push back up into trendline resistance.

As such, while there is a risk of a breakdown from this channel at some point, we would need to see a decline through $0.7329 to bring about a bearish signal. Until then, this channel points towards further upside for the pair. To the upside, keep an eye out for Fibonacci resistance in the form of $0.7421 and $0.7452.​

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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