Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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. 77% 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.

EUR/USD, GBP/USD and AUD/USD losing momentum after recent rally

EUR/USD, GBP/USD and AUD/USD rally starts to slow, but will we turn lower or push higher once again?

EUR/USD struggling at the SMA resistance

EUR/USD has seen the upwards trajectory stutter somewhat this week, with the decline seen across equity markets similarly providing an upward move for the dollar. The recent rebound seen for this pair has been borne out-of-risk on sentiment in the wake of the declining US consumer price index (CPI) figure. However, this week has brought a timely reminder that not all is well elsewhere, with UK inflation now up to 11.1%.

The gains seen for EUR/USD do appear to have dried up to some extent, with price struggling to break through the 200-day simple moving average (SMA). Given the size of the rebound seen last week, there is a chance we see a pullback come into play here. A break down through $1.0271 would provide the intraday signal that a pullback could be coming into play. To the upside, a push through the recent high of $1.0481 would bring a bullish continuation signal.

GBP/USD attempts to push higher after budget and retail sales

GBP/USD appears to be doing a little better here, with a wealth of data out of the UK bringing upside for the pound. Between higher inflation, improved retail sales, and consumer confidence, the Bank of England (BoE) should continue their steep pathway to higher rates.

The recent rise through trendline resistance subsequently took us through the 76.4% Fibonacci level. With that in mind, we could see further gains come into fruition, with a move back below the $1.171 required to bring a move negative short-term picture into view.

AUD/USD comes under pressure after rally into resistance

AUD/USD has started to lose traction after a rally into the confluence of a descending trendline and 61.8% Fibonacci resistance. The recent rise through $0.6547 resistance signalled a potential upward push for the pair, with the wider downtrend coming into play. As such, the current rise looks to represent a retracement of the selloff from the $0.7136 swing-high.

Quite whether this rebound ends here remains to be seen, with a push through this confluence of resistance required to signal a potential move into 76.4% Fibonacci resistance and the 200-SMA level. In either scenario, these short-term gains appear to be setting us up for another downturn before long. A rise through $0.7136 would be required to negate that outlook.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market.

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Equities
  • Indices
  • Forex
  • Commodities
website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

" edit-mode="false" style="--live-prices-table-rows:5" >


Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.