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 NZD/USD

Dollar comes under pressure, with EUR/USD, GBP/USD, and NZD/USD all gaining ground as they break or approach key resistance levels.

EUR/USD breaks through trendline support

EUR/USD has been losing ground over the course of the past fortnight, with the pair falling below the 76.4% Fibonacci support level.

The prior rally through $1.1419 pointed towards a strong chance of a higher low coming into play here. Thus, a bullish turn above the $1.1176 level remains a possibility despite the drop below $1.124. With the price having rallied through trendline resistance, we are seeing a more bullish picture come to the fore here. Watch for a break through $1.1246 as another bullish signal, with further upside looking likely should that occur.

GBP/USD rebounds ahead of indicative votes

GBP/USD has a volatile day ahead, with the manufacturing purchasing managers index (PMI) released ahead of today’s second round of indicative votes at Parliament.

The drop below the $1.3004 level points towards a possible wider bearish picture coming into play, where a bearish picture remains unless the pair rally above $1.3135 resistance.

NZD/USD rallies above notable resistance level

NZD/USD has managed to rally through the $0.6828 resistance level, paving the way for a wider rebound.

This year has seen the continued creation of higher lows, and with the price starting to reverse higher rather than breaking below $0.6745, it looks likely that this wider trend will continue. As such, a bullish outlook is in play unless we see a break through $0.6774.


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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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