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 rebound towards resistance

EUR/USD, GBP/USD and AUD/USD rebound, but will this mark the beginning of a bullish phase or simply a precursor to another leg lower?

​EUR/USD reverses higher after recent declines

EUR/USD is on the rise this morning, with a rally through $1.1239 providing a bullish signal for the pair. Coming off the back of a rally back into the $1.1353 level, there is a possibility that we are seeing the pair prepare for a bullish breakout through that key threshold.

For now, there is a strong chance we will see further upside as we build upon this bullish breakout. However, we will ultimately need to break that $1.1353 level to negate the notion that we are simply consolidating within a topping pattern over recent weeks.

GBP/USD reversing lower from Fibonacci resistance

GBP/USD has been on the rise since Fridays low of $1.2314, with price rising back into the 61.8% Fibonacci resistance zone. However, the short-term trend remains bearish unless we see a break through the $1.2437 swing high.

With that in mind, it makes sense to expect a bearish turn from either the 61.8% or 76.4% Fibonacci levels as the trend comes back into play.

AUD/USD rises towards key breakout level

AUD/USD has also been on the rise, following on from a decline into the 76.4% Fibonacci level on Friday night. The wider creation of higher lows points towards a potential rally back towards the $0.6974 region, with a rally through the $0.6895 required to signal that impending rally.

As such, watch out for whether we see that $0.6895 level broken as a precursor to further upside. The ability to break that level will tell us plenty about where we go from here. ​

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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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