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 rally back to key resistance

EUR/USD, GBP/USD and AUD/USD rally towards key resistance, with recent downtrends coming under the microscope.

​EUR/USD rallies back into key resistance level

EUR/USD has managed to rebound back into the $1.1353 resistance level, with the recent rise raising the possibility of a bullish breakout after the declines seen throughout much of June.

With the price having initially turned lower from the key breakout threshold, there is a chance we reverse from here to continue the bearish trajectory of the past fortnight. However, if we do break through that $1.1353 level, it would point towards the potential beginning of another bullish phase from here.

GBP/USD rebound brings deep retracement

GBP/USD has also been regaining ground, with the pair rising back towards key Fibonacci resistance at $1.2553 and $1.2604. Unlike EUR/USD, we remain some way off a bullish breakout, with the downtrend seen throughout the past two weeks still in play unless we see a break through the $1.2687 level.

With that in mind, the short-term gains could come undone around one of those resistance points. Watch for a break below the most recent swing low to bring a bearish signal (currently $1.2432).

AUD/USD rallies into key resistance zone

AUD/USD gains have taken the pair into a zone of horizontal and inside trendline resistance, with the price starting to turn lower in response. A bullish breakout from this recent retracement phase would come with a break through that $0.6976 level.

However, with the price turning lower, there is a chance we could decline from here. As such, the ability to break through $0.6976 will be key to determining whether we break higher or reverse lower 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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