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 at risk of another turn lower

EUR/USD, GBP/USD, and AUD/USD show signs of potential weakness, with the dollar likely to come back into prominence despite recent rebound.

EUR/USD continues to consolidate after rally into resistance

EUR/USD has been consolidating below the $1.1754 resistance level, with the pair looking likely to decline in a continuation of the topping pattern seen over recent weeks.

While we are currently on the rise this morning, we would need to see a break through trendline and $1.177 resistance to bring expectations of further upside. Until then, there is a good chance this current consolidation is a precursor to further downside. A break below the $1.1684 level would provide that sell signal.

GBP/USD continues to grind higher towards key resistance

GBP/USD has been steadily grinding higher over the past week, with that rise taking the pair back towards the $1.3007 resistance level.

A break through that level would bring a signal that the September downtrend is over. While we could continue to move higher here, it makes sense to look for a break through $1.3007 to confirm expectations that this rise will continue.

AUD/USD continues to climb but further downside could come

AUD/USD has been regaining ground over the past week, with the pair seemingly retracing the $0.7345-$0.7005 declines seen in late September.

With that in mind, the current rise may not last too long with the price having already rallied into the 61.8% Fibonacci retracement. While another turn lower looks likely, it makes sense to await a break below the most recent swing low to bring about a bearish signal.

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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