CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

EUR/USD, GBP/USD and AUD/USD all at risk of turning lower

Bullish momentum is waning in EUR/USD, GBP/USD and AUD/USD, with a rebounding US dollar threatening the broader pro-risk atmosphere.

EUR/USD downtrend back on?

It looks increasingly like the downward move in EUR/USD has resumed, as the price retreats once again from $1.118. This double-top is a bearish formation, and so far it looks like the price is likely to continue moving lower.

Intraday, the price has managed to hold around $1.117, but if bearish momentum resumes and pushes the price below this level, then it is possible that we will see a move back to $1.0875, the lows of late September. A rally back above $1.114 would be needed to suggest a more bullish view is emerging.

GBP/USD edging lower

The GBP/USD price attempted to rally off short-term trendline support yesterday, but the attempt failed and since then we have seen it drop below $1.289.

A push below $1.28 would confirm a more bearish view in the short term, although it looks like even a drop towards $1.26 would still leave the nascent uptrend from the October low in place.

AUD/USD searches for bullish catalyst

AUD/USD has enjoyed a strong rally from the September low and possible double-bottom around $0.67.

But it needs to maintain upward momentum to avoid the possible resumption of the much longer-term downtrend. At present, dip buyers continue to maintain forward momentum, as we have seen over the past two days with dips towards $0.688. A move back below $0.684 would be a first sign of some weakness, while those of a bearish view will watch for a bearish crossover on the daily moving average convergence/divergence (MACD).


The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

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.