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 rally towards key resistance, but will we see a bullish breakout occur?

EUR/USD remains at risk despite recent gains

EUR/USD has been regaining ground over the course of the past two-weeks, with the pair rising into the 61.8% Fibonacci retracement level at $1.18. With the pair seemingly having topped out over recent months, this current rise looks likely to be a retracement and precursor to a move lower.

With that in mind, watch for a potential bearish reversal around this confluence of inside trendline and Fibonacci resistance. A break below this trendline and the $1.1725 horizontal support level would provide a sell signal that would feed into this bearish outlook. Only a break through the $1.1917 level would bring an end to this current bearish view.

GBP/USD heading towards major breakout level

GBP/USD has been on the rise throughout much of the week, with the pair ultimately topping out at the crucial $1.3007 resistance level.

That brings an end to the trend of lower highs, with a rise up through there signaling a potential bullish phase coming into play. As such, the next signal for this pair comes with either a bullish break through $1.3007, or a bearish break below the $1.2845 support level.

AUD/USD rallies back towards key resistance

AUD/USD has been regaining ground after the short-term double top formation which saw the recent bearish trend come back into prominence.

A break up through that $0.7209 level would point towards a more bullish short-term view, although the 76.4% Fibonacci resistance level would then come into play. Until that upside break occurs, there is still a good chance we turn lower to maintain the bearish sentiment established after the recent double top into 61.8% resistance.

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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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