Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. 76% 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.

Dollar strength driving EUR/USD, GBP/USD and AUD/USD lower

EUR/USD, GBP/USD and AUD/USD head lower, with key support coming into play as the dollar looks to return to strength.

EUR/USD tumbles back into a key support

EUR/USD ended the week in somewhat dramatic fashion, with the pair tumbling back into the $1.1752 support level to cap off a week of declines.

The ability to break below this level, will be a key in determining where we go from here, with a break lower providing a bearish continuation signal. Alongside a wider bearish pattern in place over the course of June and July, a move below $1.1752 would point towards an extension of this downtrend.

GBP/USD falls back down through 76.4% support

GBP/USD has also taken a hit towards in the end of last week, with the pair falling down below the 76.4%, Fibonacci support level after respecting it all week.

That raises the likeliness of a more notable break back below $1.3843 support, which would end the recent trend of higher lows. As such, while the recent move lower does raise the likeliness of a bearish move coming into play, we need to see $1.3843 support taken out to bring a more reliable bearish signal into play.

AUD/USD falls back into key support

AUD/USD dropped back below trendline support on Friday, with the price falling back into the key $0.7329 support level. The general lack of momentum within this recent recovery does point towards a potential impending breakdown.

With the price finding buyers around this level, there is a good chance we will see a short-term rebound. However, there is a distinct risk that we see the price fall back into and below $0.7329. Should that occur, we would be looking at a continuation of the bearish trend seen over the course of the past two months.

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