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 pullback fails to break bullish trend

EUR/USD, GBP/USD, and AUD/USD gain ground after recent retracements, with uptrends in play unless we see otherwise.

EUR/USD turning higher after Fibonacci retracement

EUR/USD has started to reverse higher once again following a decline into the 61.8% Fibonacci retracement level.

With a clear uptrend in play here following the break through $1.1916, there is a good chance we will see another move higher before long. However, this bullish outlook would be negated with a break back below the $1.1711 support level.

GBP/USD rebounds towards resistance after deep pullback

GBP/USD has been on the rise after a decline into the 76.4% Fibonacci support level yesterday.

Given the wider uptrend in play, further upside does look likely before long, with a rise through the $1.3267 level bringing about a fresh bullish breakout signal for the pair. We would ultimately need to see a break below the $1.3005 swing low to negate this bullish outlook.

AUD/USD drops back into trendline support

AUD/USD has seen sharp declines through the latter part of the week, with the pair moving back into the inside trendline support once again.

That trendline is going to be key in determining whether we are set for a period of weakness or not. With a clear uptrend in play, there is still a good chance we will see the pair turn higher from here. However, a break below the $0.7109 support level would bring about a fresh bearish short-term view for the pair.

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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