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 euro has managed to rebound in the short term, while GBP/USD and AUD/USD may well be carving out higher lows.

EUR/USD recovers $1.13, but for how long?

EUR/USD finally managed a substantial rally yesterday, moving off $1.126 and heading towards $1.134, but at present it looks like a lower high has been created. Further downside targets $1.126, and then to $1.1118.

If bulls can hold the price above $1.126 and create a higher high, it is possible that a more bullish view will develop, but at present this seems unlikely.

Possible higher low for GBP/USD?

It may be that GBP/USD has found a bottom around $1.284.

The price has rallied off the lows and started to move higher, but it will need to maintain this momentum and push above $1.294 to suggest that a higher low is in place. This would then suggest a move back towards $1.32 is possible. A close below $1.2773 would negate the bullish view and bring the lows around $1.248 into play.

AUD/USD steadies around $0.71

It is possible that AUD/USD has begun to bottom out, as the price moves back above $0.71.

Further gains target $0.728, around the highs from the end of January. A fresh bearish view would require a move back below $0.705.

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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