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 turn lower after latest retracement

EUR/USD, GBP/USD and AUD/USD start to weaken once more following brief period of upside.

EUR/USD at risk of further downside after latest retracement

EUR/USD managed to regain some ground earlier this week, with the rebound into 76.4% Fibonacci resistance ultimately giving way to another bearish move.

That bearish trajectory looks likely to continue apace from here, with the current move lower likely to break below $1.1836 to continue the ongoing bearish pattern of lower lows. A rise through the $1.1932 level would be required to negate this current bearish intraday chart.

GBP/USD starts to weaken after 61.8% pullback

GBP/USD is also starting to move lower after the recent rebound, with the price weakening from the 61.8% Fibonacci resistance level of $1.3926.

That Fibonacci level also coincided with the descending trendline established from the 24 February peak. The recent bearish turnaround for this pair does look likely to persist for now, with a break up through the $1.4017 level required to negate that view.

AUD/USD turns lower from trendline resistance

AUD/USD has similarly been weakening after yesterday’s rise, with the pair coming under selling pressure after reaching a confluence of an inside trendline and the mid-February low of $0.7724.

Falling commodity prices haven’t helped things for the Australian dollar and that is something to follow as we move forward. The mid-sized nature of this latest retracement means we could yet see a deeper upward pullback. However, the recent bearish trend does hold unless we see the price move up through the $0.7838 swing high.

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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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