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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/GBP and USD/CAD losses stemmed, while AUD/USD reverses course​​​​

While EUR/GBP has seen its declines stall, and USD/CAD is still making some modest upside progress, the Aussie has come under pressure after the Reserve Bank of Australia left rates unchanged.

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​​​EUR/GBP declines stemmed for now

EUR/GBP fell back over the past two weeks, but further declines have been stalled for the time being.

​Sellers have been unable to drive the price below £0.855, with buyers resisting this and any continuation of the pullback from the mid-July highs.

​On the other hand, over the past three sessions the price has also resisted any move above the 50-day simple moving average (SMA). This leaves the pair in a tight range. A close below £0.855 denotes further weakness, while a move back above £0.86 would signal another attempt to move back to the July highs could be underway.

EUR/GBP chart Source: ProRealTime
EUR/GBP chart Source: ProRealTime

​AUD/USD slumps after RBA holds rates unchanged

​The Reserve Bank of Australia's (RBA) decision to leave rates unchanged hobbled the Aussie’s attempts to rally, though AUD/USD remained above the lows of the previous two sessions.

​Sellers will now be looking for further reinforcement of their view with a drop below $0.665, which might open the way to the $0.66 lows of late-June. Below this the longer-term view sees $0.65 come into play as a target.

​A recovery above the 200-day SMA might provide a renewed bullish view and suggest that another push towards the $0.69 highs of June and July was in the offing.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

​USD/CAD edges higher off July low

USD/CAD has steadily recovered over the past three weeks, though the downtrend from May is still in place.

​A steady recovery from C$1.31 now targets the declining 50-day SMA, while above this the July high around C$1.337 is the next target, an area that was resistance in July and support back at the end of April.

​​In the short-term, a close back below C$1.3155 would see the price break below trendline support, and could then open the way to fresh leg lower.

USD/CAD chart Source: ProRealTime
USD/CAD chart Source: ProRealTime

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