CFDs are complex instruments. 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. CFDs are complex instruments. 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 rebound may not last long

EUR/USD, GBP/USD, and AUD/USD start to regain ground after recent losses, but bears look likely to return before long.

EUR/USD turning higher but gains could be brief

EUR/USD is moving higher this morning, despite seeing what looked to be the latest move lower for a pair which looks likely to fall further.

The wider reversal signal seen in August and September provided a bearish outlook despite recent gains. With that in mind, the decline below $1.1733 highlighted the end of the recent upward retracement mode, with further downside likely from here. Despite the inability to break below the $1.1689 lows on Friday, there is a good chance we will soon turn lower. As such, a bearish outlook holds unless we see a rise through the $1.1771 swing high.

GBP/USD on the rise from key support

GBP/USD has turned higher from yet another deep retracement. However, on this occasion the retracement was total, with the price coming back and respecting the $1.2863 support level established on Wednesday.

The recent trend of narrowing gaps between lows does point towards a potential top coming into play before long. Therefore, while we are likely to see further short-term upside, there is a risk that this could fall short of the $1.3064-$1.3082 resistance zone to turn lower.

AUD/USD turning higher, yet bears likely to dominate

AUD/USD has been consolidating this morning, with Chinese gross domestic profit (GDP) disappointment doing little to boost the Australian dollar.

The recent breakdown below the $0.7096 support level points towards further downside to come, with short-term upside likely to be a retracement and precursor to another move lower. With that in mind, while we could see the pair gain some ground over the short term, a bearish outlook remains in play until recent swing high resistance is broken around $0.7191 and $0.7243.

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