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 struggle to break higher

EUR/USD, GBP/USD, and AUD/USD struggle to break higher, with volatility in wider market sentiment feeding through into the FX space.

​EUR/USD heads lower once more

EUR/USD has been heading lower after a rebound into the 61.8% Fibonacci resistance level on Wednesday. With the pair back below the 76.4% Fibonacci level this morning, there is a risk of a wider reversal if we see a break below the $1.2058 swing low.

Until we see that level break, it makes sense to follow the short-term trend which is currently bearish. As such, further weakness is expected unless we see a break through the $1.2222 swing high.

GBP/USD struggles to break through key resistance

GBP/USD rallied into the crucial $1.3704 resistance level once again yesterday, with the pair turning lower for the third time in two-weeks. A rise through that resistance level would bring about a bullish continuation signal.

However, with price falling back, there is a chance we are retracing ahead of another push into resistance. With that in mind, sentiment will be dictate by whether we break through either $1.3612 or $1.3704.

AUD/USD falls back towards key support

AUD/USD has been attempting to break out from its recent consolidation phase, with bulls hoping the recent push higher will provide a bullish breakout through $0.782. However, with price falling back towards the $0.7721 swing low we are looking at a potential bearish short-term signal if price breaks below that point.

With that in mind, this current pullback could be either a retracement or precursor to a bearish signal. As such, whether we break $0.7721 or not will tell us a lot about how sentiment shapes up as we head into the weekend. ​

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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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