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 reversing higher after recent declines

EUR/USD, GBP/USD and AUD/USD start to turn higher, with bullish trends in play despite recent pullback into support.

EUR/USD drops into 76.4% Fibonacci support

EUR/USD has declined as traders head for traditional havens given yesterday's sharp declines in global indices. Whether the dollar is a good haven right now given the risk of a second wave in the US remains to be seen.

With that in mind, there is a chance we could see this pair move higher once again in line with the recent bullish trend. A decline below the $1.1241 level would bring about a bearish view, but the bullish outlook remains in play until that happens. Given the respect of the 76.4% Fibonacci support level at $1.1284, watch for a potential bullish move upwards from here.

GBP/USD starts to rise after sharp declines

GBP/USD is starting to move higher this morning despite some pretty shocking UK data for April. Once again, we are looking at a potential rise from Fibonacci support, with the price having run marginally below the 76.4% level at $1.2574.

There is a chance of strength from here as we look for a continuation of this recent bullish trend. A break below the $1.25 level would be required to negate that bullish trend.

AUD/USD turning higher from trendline support

AUD/USD has similarly started to move higher, following a sharp decline into trendline support. The bullish trend is well established here, and that looks likely to persist following a recent losses.

Interestingly, we have seen another rare breakdown into oversold territory, with the break back up through 20 providing us with a buy signal that has proven relatively successful last month. As such, a bullish outlook is in play here, with a decline back below trendline support needed to provide a more neutral outlook.

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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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