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EUR/USD, GBP/USD and AUD/USD at risk of further downside

EUR/USD, GBP/USD and AUD/USD look set for another move lower, with wider bearish trend still in play.

EUR/USD rolling over after latest 76.4% retracement

EUR/USD has kicked off the new week on the back foot once again, with the upward move seen on Friday now reversing once again in the direction of the trend.

With the price having reached the 76.4% Fibonacci resistance level at $1.133, there is a strong chance we see another downside move. That bearish trajectory remains in place unless we see the price rise through the $1.1374 swing-high.

GBP/USD stabilising after latest decline

GBP/USD failed to see too much volatility on Friday, with Omicron repercussions impacting the Bank of England (BoE) and Federal Reserve (Fed) outlook alike.

With that in mind, the bearish trend remains in play, although an intra-day rise through the $1.3353 does signal the potential for a short-term bounce. A break up through the $1.3513 swing-high would be required to bring about a more positive wider move.

AUD/USD falls back into long-term support level

AUD/USD has been hit hard of late, with the price breaking back below the $0.717 support level to end the wider trend of higher lows.

That has taken us back down into the late-August low of $0.7106. A break below that threshold would signal a continuation of that recent bearish trend. To the upside, a rise through trendline and $0.7198 would bring about a more positive near-term outlook.

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.

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