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.

EUR/USD held below resistance as GBP/USD and AUD/USD move up

The rally in GBP/USD shows no sign of slowing, while AUD/USD is also attempting to break higher.

EUR/USD stuck below $1.14

​The small rebound here continues with EUR/USD, although it has yet to break above the late December high.

This still looks more like a consolidation rather than a bigger move to the upside, so long as the $1.14 level remains unbroken. However, a bearish catalyst in price terms has yet to occur.

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

​GBP/USD counter-trend bounce still flying

The strong bounce of GBP/USD from the lows of December shows no sign of reversing, and for now, the price appears to remain firmly in a bullish view, at least in the short term.

The wider downtrend is still intact, but as yet a new lower high has yet to be created.

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

AUD/USD rally hits 50-day SMA

The price of AUD/USD has rallied throughout the week, after stabilising around $0.716.

Over the past week or more gains above the falling 50-day simple moving average (SMA) $0.721 have not been sustained, so a daily close above this will be an important development. Further gains would then target $0.727. It would take a reversal back below $0.716 would provide a more bearish view.

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

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