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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

FX levels to watch – EUR/USD, GBP/USD, AUD/USD

It looks like the rallies in the euro and sterling have run their course, while the Aussie is still mired in a narrow range. 

AUD
Source: Bloomberg

EUR/USD bounce gives up the ghost

EUR/USD has steadily recovered from Tuesday’s lows, but the bounce appears to be running out of steam at $1.16. A turn lower from here will target $1.1574, and then $1.1554 in the short term.

Below this, the $1.1489 area comes into play, with intraday rallies continuing to be sold. 

GBP/USD poised to move down

Having rallied off the lows yesterday, GBP/USD looks set to create a new lower high as it turns down from $1.3153.

A push lower will target Wednesday’s low a $1.3086, and then down to $1.3040. A change to a short-term bullish view requires a move above $1.32.

AUD/USD turns lower from top end of range

AUD/USD has been tough for trend traders these past few weeks, with the range from $0.7620 to $0.7720 still intact.

It looks like the pair is turning lower from $0.77, with the $0.7620 still a target. We wait for a break outside of this range to provide longer-term possibilities. 

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