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 start to regain ground

EUR/USD, GBP/USD and AUD/USD start to regain ground, yet we are yet to see a major break to signal a wider bullish picture coming into play.

​EUR/USD decline slows, reversal signal is yet to come

EUR/USD has managed to arrest the decline seen throughout the first 11 days of February, with the price rising through trendline resistance. That break occurred by simply consolidating rather than actually pushing sharply higher through that trendline.

With that in mind, any bullish connotations should be taken with a pinch of salt. Instead, we want to see a rise through the $1.0957 swing high to bring about a more reliable bullish signal for the pair. Until then, there is a good chance we are simply retracing once again as a precursor to further downside.

GBP/USD looks primed for bullish phase

GBP/USD has seemingly turned around, following some relatively encouraging UK data yesterday. The rise through $1.2959 provides us with a break from the recent trend of lower highs, signalling a likely bullish phase coming into play from here.

While the price has been consolidating overnight, it looks likely we will see the price move higher today. A break below $1.2894 would be required to negate this bullish short-term outlook.

AUD/USD breaks into Fibonacci retracement zone

AUD/USD has been regaining ground after a decline into the crucial $0.6671 long-term support level. We have since seen a rally through trendline resistance, as seen on the four-hour chart below.

However, the downtrend remains intact unless we see a rally through the $0.6774 swing high. Until then, there is a chance we will see the pair turn lower from the deep retracement zone between the 61.8% and 76.4% Fibonacci levels ($0.6731-$0.6747).​

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.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.