CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

EUR/USD, GBP/USD and AUD/USD likely to continue on bearish theme

EUR/USD, GBP/USD, and AUD/USD head lower, with intraday downtrend likely to continue as we reach multi-month lows.

EUR/USD continues to grind lower following latest breakdown

EUR/USD has been grinding lower over the course of the week, with the pair building on the later 61.8%, retracement to fall back below the prior low of $1.1772.

There is a good chance we will see another upward retracement before long, yet the bearish trend remains in place, the price breaks through the recent peak of $1.185. Until then, we look likely to see further weakness to build on the downtrend seen over the course of June and July.

GBP/USD tumbles into a fresh five-month low

GBP/USD has continued to lose ground over the course of the week, with the breakdown below $1.367 bringing multi-month lows for the pair.

The hourly chart highlights the construct of this trend, with lower intraday highs key to seeing the downside continue. With that in mind, another leg lower looks likely here, with a break up through the $1.3689 required to negate the bearish outlook.

AUD/USD heads lower after latest retracement

AUD/USD has been on the back foot once more this morning, with the pair heading lower from a deep retracement overnight. With the price hitting a fresh seven-month low, there is a good chance we have seen the pair top out.

With that in mind, it makes sense to utilise the intraday charts to follow the ongoing selloff. As such, a bearish outlook holds as long as price remains within a pattern of lower highs. Thus, while another upward retracement is likely before long, a bearish outlook holds unless the price rises up through the $0.734 resistance level.

This information has been prepared by IG, a trading name of IG Markets 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.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. All share prices are delayed by at least 20 minutes. Prices are indicative only.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.