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 NZD/USD rise around key support

EUR/USD, GBP/USD and NZD/USD start to show signs of strength at key support levels.

EUR/USD declines into key support

EUR/USD is heading higher this morning, with recent declines taking us into a notable region of support around $1.0766.

Given the current move higher, we could see a break through $1.0816 which would bring about the possibility of short-term upside. With the wider range of consolidation seen throughout the week, such a break could mark the beginning of another short-term period of upside to continue this consolidation.

GBP/USD sell-off reaches notable support level

GBP/USD found support at the $1.2165 level yesterday, with the price turning higher immediately after. A break below that point would bring the lowest level since late March as evident through the four-hour chart.

As such, while we are seeing short-term downside, the outlook will be determined by the ability or inability to break below the $1.2165 support level. Should we hold up above that level, this could be the beginning of a more bullish phase.

NZD/USD starts to find support on Fibonacci level

NZD/USD has been on the slide recently, with the break below $0.5995 signalling the potential for an extended move lower for this pair. However, with the price breaking through the $0.6005 resistance level overnight, there is a possibility we could see some short-term upside come into play.

With that in mind, the current respect of the 61.8% could mark a short-term bottom, with a break through $0.5998 bringing greater confidence of such a move. Nevertheless, should we see short-term upside, there is a strong chance that such a move would represent a retracement of the wider sell-off from $0.6156. Thus whether we break higher now or not, the wider picture is increasingly bearish give the recent breakdown below $0.5995.

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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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