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 on the rise amid recent consolidation

EUR/USD, GBP/USD, and AUD/USD push higher, but will it be enough to finally see a break from the recent consolidation?

EUR/USD turns lower, with breakout required for next move

EUR/USD once again failed to break from the trend of lower highs and higher lows yesterday, with the pair reversing lower after a rally towards the crucial $1.1849 resistance level. The recent consolidation requires a break through either $1.1849 or $1.1784 to bring about a fresh directional bias.

However, from a wider perspective, the recent weakness does look like a potential retracement of the wider $1.1696-$1.1965 rally. Given the recent rebound from the 76.4% Fibonacci level of that wider move ($1.1759), there is a chance we are currently within a bullish reversal phase. With that in mind, we could start to see the bulls come back into play here, with a drop back below $1.1784 required to negate such a possibility.

GBP/USD back into resistance after recent bottoming

GBP/USD has been on the rise following a rebound from trendline support, with the price having pushed through the $1.3149 resistance level yesterday.

That signals the potential for further upside from here, with a break through the $1.3158 level providing us with a fresh bullish signal for the day.

AUD/USD continues its ascent from trendline support

AUD/USD has been on the rise since dropping into an inside trendline once again yesterday.

The wider uptrend points towards the potential for further upside from here, with a break through the $0.7207 level required to bring about a fresh bullish signal for the pair. Given the bullish trend in play over recent months, a rise through that resistance level could potential bring about an exit from the recent period of consolidation that has dominated the past week.


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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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