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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% 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 start to turn upwards after Friday declines

EUR/USD, GBP/USD and AUD/USD show signs of a bullish resurgence despite a bout of losses at the end of last week.

​EUR/USD falls back towards Fibonacci support

EUR/USD has been attempting to find a more positive footing after a period of declines that took us back towards the August lows of $1.1663.

The recent downtrend point towards the potential for further weakness, although the recent respect of this 76.4% Fibonacci support level and Thursday’s rally towards the prior swing-high of $1.1755 provide some basis for tentative bullish confidence.

A rise up through that $1.1755 level would bring greater optimism for bulls. To the downside, the $1.1663 level provides a key hurdle to overcome if we are to see a continuation of this recent sell-off.

GBP/USD starts to regain its footing after Friday sell-off

GBP/USD ended the week on a negative footing, with the pair reversing much of the upside seen over the course of Thursday’s session. That decline has taken us back into the deep retracement zone between the 61.8% and 76.4% Fibonacci levels.

We are now starting to build upward momentum once again here, with the price turning upwards in early trade this morning. Given the recent sell-off took us back into the $1.3602 support level, there is a good chance we see another move higher from here.

However, much like EUR/USD, we would see greater confidence of upside once the price breaks through the prior swing-high ($1.375) given recent declines.

AUD/USD starts to show signs of bottoming out

AUD/USD shows a more obvious bottoming out pattern, with the recent break from its descending channel giving way to flatlining lows and higher highs.

The latest retracement took us back into the 76.4% Fibonacci level, with the price turning upwards at the end of last week. A break below $0.722 would bring a more bearish picture into play. Until then, there is a good chance we are setting up for another bullish push for the pair.

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.

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