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 rise towards key resistance

EUR/USD, GBP/USD and AUD/USD rise towards key resistance, as the dollar comes under pressure.

EUR/USD pushing higher as consolidation phase continues

EUR/USD managed to reverse higher once again last week, continuing the consolidation phase that has been in play for a month now. With the price rising back into the $1.1302 resistance level, there is a chance we could see another short-term pullback as we continue the trend upwards towards the $1.1353 resistance level.

That level looks like a sensible target for this short-term rise, with the price ultimately needing to break through that key resistance level to bring about a more sustainable bullish bias. To the downside, we would need a break through $1.1219 to signal another return to $1.1168-$1.1185 resistance.

GBP/USD rises towards key resistance level

GBP/USD has seen significant upside over the past week, with the pair rallying from 76.4% Fibonacci support to move within touching distance of the crucial $1.2543 swing high.

A break through that level would bring a more bullish wider picture into play, negating the downtrend seen throughout the final three weeks of June. With the price turning higher after a pullback on Thursday, the big question is whether we are going to see the $1.2543 level broken or not. The answer to that question will dictate where we go from here.

AUD/USD rallies into key resistance

AUD/USD has similarly been on the rise, with the price rising back into the crucial $0.6975 resistance level. A break through this point would signal a potential continuation of the wider bullish trend.

However, this is also the level which has twice been the source of a bearish turn. As such, the outlook for the day will be determined by whether we see the pair break through or reverse lower from this $0.6975 threshold.

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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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