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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

Dollar weakness continues to drive EUR/USD, GBP/USD and AUD/USD higher

Further gains seem likely for key FX pairs as the dollar continues to decline, although signs of weakness in AUD/USD lend a note of caution to proceedings this morning.

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EUR/USD prepares to move higher

While the EUR/USD gains have slowed, there has been so outright reversal.

A drift back from $1.18 is already beginning to find support around $1.175, with a new move higher targeting a new high above Wednesday’s peak. Below $1.175, the price heads towards $1.17, where support was found earlier in the week.

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

GBP/USD still in uptrend

GBP/USD maintains its iron grip on its uptrend, with a drop back from yesterday’s highs raising the possibility of a higher low in due course, potentially around $1.294.

As noted yesterday, there is no sign as yet of any substantial turn lower.

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


AUD/USD uptrend intact despite trendline break

AUD/USD has dropped below one uptrend, but remains in an overall move higher.

A recovery above $0.716 would likely provide the bullish trigger for those looking to enter new long positions. Further declines target last week’s lows towards $0.706.

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

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