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 mixed picture across FX is seeing dollar weakness fade for the likes of AUD/USD. However, EUR/USD and GBP/USD are showing signs of the potential further upside.

EUR/USD regaining ground in another retracement rally

EUR/USD is rising in the wake of last week’s sell-off, with the pair seemingly set for another retracement phase.

The wider creation of lower highs and lower lows remains in place unless we see a break through the $1.1324 swing high. Thus, it makes sense to look out for further upside over the near term, with the pair expected to post a deeper retracement of the sell-off from $1.1324. A fall below $1.1145 would signal a continuation of the bearish trend rather than a continuation of this rally.

GBP/USD rallying towards crucial resistance level

GBP/USD is regaining ground after a fortnight of downside which saw a breakdown below the key $1.2963-$1.2967 resistance zone.

This current rally looks like a short-term rebound unless we see a move through that same $1.2963 peak which marks the most recent swing high and the March low. A move above there would point towards a bullish phase as we retrace the decline from $1.3133.

AUD/USD sell-off expected to return

AUD/USD has been regaining ground over recent days. However, with a wider bearish trend in play, there is a good chance that such upside is a retracement phase before we see further downside come into play.

With the price having dropped below the $0.7039 level, it looks likely we will see further downside over the near term. A rally through $0.707 would bring about expectations of further upside and wider retracement coming 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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