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EUR/USD, GBP/USD and AUD/USD expected to gain further ground

EUR/USD, GBP/USD and AUD/USD expected to continue gaining ground, as the dollar falls back.

EUR/USD starts to fade, yet recent uptrend holds

EUR/USD has been fading in early trade today, with the pair coming off the back of a period of strength that saw a new two-month high created on Friday.

The recent break through $1.1111 brings about expectations that we could see further upside for the near term. Thus, while we are seeing some downside come into play here, it looks like a buying opportunity unless we see a break below the $1.1115 swing low.

GBP/USD falls back to trendline support

GBP/USD saw losses over the course of the weekend, with the failure to hold the meaningful vote denting sentiment over whether it would pass.

While we have seen the pound drift lower, it has dropped into the trendline support once more. That signals a likely bullish turn from here, with a positive outlook in play unless we see a break below $1.284.

AUD/USD continues its rebound, breaking through Fibonacci resistance

AUD/USD rallied into a fresh one-month high on Friday, with the pair rising through the final 76.4% Fibonacci retracement.

That break points towards a high possibility that we have bottomed out, with hopes for a US-China trade deal really boosting sentiment around the Australian dollar. We would need to see a break through $0.6895 to bring about greater clarity that this market is due a wider bullish phase. Nonetheless, further upside does seem likely, with a break below $0.6814 required to negate this current short-term uptrend.

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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