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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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 and AUD/USD

The dollar is expected to come under pressure once again, with the likes of GBP/USD and AUD/USD in particular looking primed for a rally from here.

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EUR/USD consolidating after recent ascent

EUR/USD has been consolidating after Friday’s gains, with the pair in rebound mode from the critical $1.1301 support level. As mentioned yesterday, the 76.4% retracement level at $1.1299 points towards a potential that we are not rolling over after failing to create a new higher high. Instead, that could have been a retracement of the wider rally ($1.1215-$1.157), where a rally through $1.157 would signal the continuation of this uptrend.

Watch out for how the pair responds to the 61.8% and 76.4% Fibonacci resistance levels as a signal of whether we are in retracement mode or going to push up through $1.157.

EUR/USD chart
EUR/USD chart

GBP/USD looks set to continue upward trend

GBP/USD eased back overnight, bringing the pair into the 76.4% retracement level.

The wider uptrend remains intact unless we see a drop below the $1.3012 swing low. The current respect of the Fibonacci support level points towards an upward move from here.

GBP/USD chart
GBP/USD chart

AUD/USD at key resistance breakout zone

AUD/USD has been pushing upwards, with the pair rising into trendline resistance. The creation of a higher low this week provides half the bullish story, with a break through the $0.7204 resistance level providing confirmation of that bullish outlook.

Look at the $0.7204-$0.7235 zone of resistance, where a breakout through that area would signal a bullish reversal.

AUD/USD chart
AUD/USD chart

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