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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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

EUR/USD, GBP/USD and AUD/USD have been declining as they erase previous gains. Is this the beginning of a wider bearish shift?

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EUR/USD dropping into critical support level

EUR/USD has continued its decline, with the pair heading into the key support zone of $1.1289 and $1.1301.

If we see the pair break below that level, we are looking at a likely wider breakdown for the pair. As such, watch out for whether or not we break below that zone, with a short-term rebound a distinct possibility until we do see such a break.

EUR/USD chart
EUR/USD chart

GBP/USD drifts lower within more uncertain period

GBP/USD managed to rally through the $1.2979 resistance level on Thursday, with that short-term higher high pointing towards the possibility of further upside to come.

However, with the price drifting lower, we are moving closer to the $1.2854 level which would denote a bearish continuation move. As such, the break through $1.2854 or $1.2996 would signal greater confidence in a bullish or bearish move from here.

GBP/USD chart
GBP/USD chart

AUD/USD drops below critical support level

AUD/USD has been declining sharply throughout the past week, with the price moving below the $0.7076 level on Friday. That negates the bullish trend that had been in play throughout the first six weeks of 2019, with further downside looking likely as a result.

Over the near term, a rally through the $0.7117 level would likely spark a short-term rebound for the pair. Until that happens, the market is likely to continue this period of weakness, with another leg lower looking likely from here.

AUD/USD chart
AUD/USD chart

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