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.

NZD/USD approaches key bullish breakout level

Short term dollar weakness is providing a rebound for the likes of GBP/USD, EUR/USD, and NZD/USD. While the European currencies remain at risk, NZD/USD appears to be taking on a more bullish picture.

EUR/USD turning lower from trendline resistance

EUR/USD managed to rebound from the $1.1107-$1.1116 support zone last week.

The downtrend seen throughout the course of 2019 remains in play if we continue to see the prices exhibit lower highs. As such, a rally through $1.1215 would negate this bearish picture. However, until that happens it looks likely we will see the pair turn lower once again to head towards that same support zone.

GBP/USD downtrend expected to persist

Marginal gains for GBP/USD on Friday have provided us with a new retracement phase within a clear and consistent downtrend.

The creation of lower highs remains key here, with a break through the $1.2748 swing high required to negate this bearish trend. Until then, there is a strong chance we will soon see the pair turn lower once again. Watch for the stochastic to drop below 80 as a bearish confirmation signal.

NZD/USD trading at key resistance level

NZD/USD managed to rally into the $0.6559 resistance level over the course of Friday, with the pair showing the potential to regain a more bullish picture should that level break.

Given the creation of a higher low last week, things are starting to look more optimistic, especially when considering that this potential double bottom formation comes after a bullish trendline break in late May. As such, look out for whether we see a break through the $0.6559 swing-high to signal a more bullish outlook for this pair.

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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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