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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, GBP/USD and AUD/USD pullback unlikely to last

EUR/USD, GBP/USD and AUD/USD weakness proves brief, with the bulls likely to come back into play.

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​EUR/USD weakens, yet bulls could yet come back into play

EUR/USD fell below the $1.185 support level yesterday, with the price falling back into the prior resistance level of $1.183 which now provides support.

The original break through $1.1881 did signal the potential for a bullish reversal of the downtrend seen in June and July. Thus, this recent breakdown could yet be a retracement before we head higher once again. With that in mind, watch for the bulls to potentially come back into play here, with a break below the $1.1752 low required to bring a continuation of that bearish trend.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD respecting 76.4% Fibonacci support once again

GBP/USD looks to have found support on the 76.4% Fibonacci support level once again, with the pair on the rise from that $1.3876 level in early trade.

With the recent trend of higher lows still in place, this somewhat drawn out retracement phase still does look like a buying opportunity. That bullish view holds unless the price falls below the $1.3843 swing low.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

AUD/USD turning higher once again within rising channel

AUD/USD is turning higher once again this morning, following a 61.8% retracement that came after a rise back into trendline resistance. The recent rising channel remains in play here, with the price looking likely to push back up into trendline resistance.

As such, while there is a risk of a breakdown from this channel at some point, we would need to see a decline through $0.7329 to bring about a bearish signal. Until then, this channel points towards further upside for the pair. To the upside, keep an eye out for Fibonacci resistance in the form of $0.7421 and $0.7452.​

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

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