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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

​​​EUR/USD slips, AUD/USD tries to hold steady while USD/CNH rallies​​​

​​Outlook on EUR/USD, AUD/USD and USD/CNH as greenback continues to surge higher.

EUR/USD Source: Bloomberg

​​​EUR/USD slips to a 3-month low

​EUR/USD’s descent is ongoing as the US services sector rises the most in six months and propels the greenback higher while the eurozone is seeing deflation.

​A drop through Wednesday’s $1.0703 low will bring the May low at $1.0636 into the frame.

​Minor resistance remains to be seen around the $1.0766 August low and along the 200-day simple moving average (SMA) at $1.0824 as well as at the July low at $1.0834.

EUR/USD chart Source: IT-Finance.com
EUR/USD chart Source: IT-Finance.com

AUD/USD tries to hold steady amid smallest trade surplus in 17 months

AUD/USD tries to hold above its ten-month August low at $0.6365 and this week’s low at $0.6358 as Australia sees its smallest trade surplus in 17 months.

​The positive divergence seen on the daily chart in regards to the Relative Strength Index (RSI) may lead to a minor bounce but first another dip lower may ensue. Below $0.6358 lies the mid-October high at $0.6348, a drop through which would point to the November low at $0.6273.

​Minor resistance sits at Friday’s $0.6439 low. While the next higher $0.6522 late August high isn’t overcome, the medium-term downtrend remains valid.

AUD/USD cahrt Source: IT-Finance.com
AUD/USD cahrt Source: IT-Finance.com

​USD/CNH rallies as China posts smallest trade surplus in 3 months

USD/CNH has been rallying off its two-week August low at CN¥7.2392 over three consecutive days with it looking to add a fourth day of gains as China posts its smallest trade surplus in three months.

​The August peak at CH¥7.3497 is back within reach ahead of the October 2022 peak at CN¥7.3773. Potential slips should find support around the late August high at CN¥7.3106.

​Technically speaking the cross remains in a medium-term uptrend as long as it stays above its CN¥7.2392 early September low.

USD/CNH chart Source: IT-Finance.com
USD/CNH chart Source: IT-Finance.com

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