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 all fall back

Risk appetite is on the wane, as the early losses for the euro, sterling and Aussie against the dollar demonstrate.

EUR/USD drops back from Monday’s high

The EUR/USD price recovered the losses of Friday and continues to hold above the 200-day simple moving average (SMA) at $1.1853, confounding the sellers, but now it needs to push on back to, and then above, $1.1987, the highs for the month so far.

Even then a move above $1.20 could soon run into trendline resistance from the January peak. Sellers will want to drive the price back below $1.188 as a first step to opening the path to further downside.

GBP/USD pushes into support zone

It is now up to the buyers to hold the price of GBP/USD above the $1.38 support level, after the small bounce yesterday that saw the price hold the 50-day SMA.

A reversal here that then retakes $1.40 helps to revive the bullish view, while a drop below $1.375 would put the sellers back in control for the time being.

AUD/USD heads lower

Like many risk assets AUD/USD has turned neutral of late, unable to hold recent highs.

The next lines of possible support are $0.7621 and $0.7563, the former being the early-March low, and then on to the January low. So far there is little sign of a reversal that can recover last week’s highs and help to put the price back on an upward path.

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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