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 head lower on stronger dollar

EUR/USD, GBP/USD, and AUD/USD head lower, as traders continue to favour the dollar in the face of major uncertainty.

EUR/USD continues its decline, as we head towards key support

EUR/USD has continued to drive lower as we head into a historical week, with the pair approaching the September support level of $1.1612.

A break below that level provides another wider bearish signal for the pair. However, for now it makes sense to focus on the short-term bearish pattern as a guide. With that in mind, a bearish outlook holds unless we break through the $1.1704 swing high.

GBP/USD drops into key support after deep retracement

GBP/USD has slumped into the critical $1.2861 support level, bringing a potential end to the uptrend that has played out for over a month now.

The 61.8% Fibonacci resistance level at $1.3174 ultimately appears to have proven too much in the end. As such, the ability or inability to break through this $1.2861 support level will be key in determining the outlook for the forthcoming period.

AUD/USD drops into three-month low

AUD/USD has dropped back into and below the $0.7005 support level, bringing about a fresh three-month low for the pair.

This looks to kick off another period of weakness, with the creation of lower highs expected to drive further downside. As such, a bearish outlook holds here, with a rise through the latest swing high of $0.7072 required to signal a wider retracement coming into play. Until then, further downside looks likely from here.

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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