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

A revived US dollar has hit EUR/USD and AUD/USD, with the latter stuck around the lows seen in early February.

EUR/USD still in bearish pattern

The EUR/USD rebound faltered yesterday at $1.134, but for now the fall is abating above $1.132.

A push below $1.131 would mark a resumption of the bearish move, targeting $1.125 and $1.122. Possible near-term resistance would be $1.134 and $1.137, but the bearish move persists unless we see a close above $1.144.

GBP/USD dip buyers get active

GBP/USD has continued its modest pullback, but has found some buyers around $1.315.

If this is a higher low, then a move back towards $1.335 would reinvigorate the current rally. Further declines head towards $1.304 and then $1.295.

AUD/USD stuck around February lows

The Aussie has been little-changed over the past month overall, with AUD/USD repeatedly visiting the $0.707 area. This has continued to hold as support, but the late-February rally faltered around $0.72, so we now have the makings of a descending triangle.

A break below $0.7055 would head $0.6973 and then $0.6828 in the longer term. A bounce needs to clear $0.718 to break the triangle formation.

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.

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