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

The Fed’s dovish turn has pulled the rug out from underneath the US dollar, and given a lift to EUR/USD. Cable, however, remains weak as concerns grow over a possible extension to Article 50.

EUR/USD shoots higher after Fed

Yesterday’s Federal Reserve (Fed) meeting provided the spark to send the euro rallying, and crucially the price of EUR/USD was able to move above the February peak above $1.14.

A short retracement may provide the chance for a buying opportunity. Further gains will target $1.1516 and then $1.1554.

GBP/USD kept down by Brexit fears

A bearish turn seems likely here, as the GBP/USD price drops below $1.32.

Further declines target rising trendline support at $1.307, while trendline resistance from the highs of last week would suggest a rally towards $1.325 would provide another selling opportunity.

AUD/USD stuck at trendline and horizontal resistance

The price of AUD/USD has rallied sharply, but it has run into trendline resistance from the January highs, and also encountered horizontal resistance at $0.716.

A close above these two levels would mark a bullish development and bring $0.72 into play to begin with. A failure to break higher would suggest a move back towards $0.70.


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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