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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 and GBP/USD decline as AUD/USD fights to hold its ground

The euro and sterling are weakening against the dollar, while the Aussie is refusing to head lower despite the recent lower high.

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EUR/USD on the back foot

Yesterday’s EUR/USD reversal back below $1.22 does look to have given the sellers the upper hand, with further losses since then putting $1.21 back into view.

The lower high at $1.22 seems to confirm the bearish view, and will mean that buyers need to get the price back above this level to restore a bullish view.

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

GBP/USD heading to lower bound of trading range

GBP/USD having dropped back from $1.42 once again the price is now heading back to the $1.41 support zone.

This will need to break for a more bearish view to prevail; at present the rangebound trading of the past few sessions continues to prevail.

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

AUD/USD holds its ground

While the AUD/USD lower high of earlier in the week is still intact, there has not yet been much in the way of downside momentum.

Losses have been stemmed above $0.772, so a move below here would reinforce the bearish view and bring $0.77 and lower into view. Alternatively, buyers need to move the price back above $0.776 to break the sequence of lower highs and provide a more near-term bullish view.

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

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