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 start to roll over from resistance

EUR/USD, GBP/USD, and AUD/USD start to roll over, with recent gains coming into question once again.

EUR/USD starts to turn lower from key resistance

EUR/USD is turning lower after a rally into the $1.2177 resistance level overnight. That level corresponds to what would form a left shoulder if we ultimately break back below the potential head and shoulders neckline of $1.2059.

However, we are still some way from that neckline breakdown. For now, the fact that we are finding resistance on this level does provide the potential for a bearish turn here, with a rally up through $1.2177 required to continue this recent bullish push. Until then, it seems likely we will see the bears start to gain momentum again as we look to close out a historic week.

GBP/USD falls back in dramatic fashion

GBP/USD has seen sharp losses this morning, with the pair falling back towards the 76.4% Fibonacci support level. With a wider uptrend in play, the question is whether this is going to be a potential retracement of the short-term rally from $1.3623 or wider move from $1.352.

That will be answered relatively swiftly, with the price either respecting this 76.4% Fibonacci level to push upwards, or break below the $1.3623 level to bring the wider pullback into play. In either case, this current pullback looks likely to be a short-term move within a wider bullish trend.

AUD/USD rolls over from Fibonacci resistance

AUD/USD has started to weaken from the 76.4% Fibonacci resistance level, with the pair looking at risk of building on the already bearish short-term trend of lower highs.

A break up through the $0.7805 resistance level would negate that short-term trend and see a continuation of the wider bullish trend. However, with the latest move lower in motion, it looks likely we will see further downside over the short term. To the downside, the $0.766 region provides a clear support zone to watch.

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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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