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.

FX levels to watch: EUR/USD, GBP/USD and AUD/USD

EUR/USD, GBP/USD, and AUD/USD all look primed for a potential pullback. However, with wider bullish themes in play, further upside could be around the corner.

EUR/USD breakout lays ground for bullish phase

EUR/USD has managed to break through the $1.1341 resistance level overnight, helping provide confirmation of a likely short-term resurgence from here. This points towards upside to come from here, with another wider retracement coming into play.

A break through the $1.1357 peak seen overnight would provide confidence that the bullish push upwards is set to occur imminently. Otherwise, there is still a chance of a retracement lower before we turn higher once more. A break below $1.1275 would be required to negate the current bullish outlook.

GBP/USD turning lower after sharp rally

GBP/USD is starting to weaken after a sharp rally yesterday. This pullback is likely to be a retracement, with a break below $1.2895 required to negate the current short-term uptrend.

However, for now it looks like we are set for further downside as we retrace more of yesterday’s rally.

AUD/USD expected to retrace yesterday’s gain

AUD/USD managed to break into trendline resistance yesterday, continuing the intraday uptrend in place for two weeks now.

This current cluster of indecision candles points towards a likely pullback from here, if only to post another higher low. As such, a short-term bearish view is in play from here, with a break below $0.7103 bringing a wider bearish outlook into play.

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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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