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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

GBP/USD and AUD/USD look at risk of a bearish turn, while EUR/USD looks like the potential outperformer.

AUD Source: Bloomberg

EUR/USD consolidates above key resistance

EUR/USD broke through the $1.1341 swing high this week, seemingly paving the way for further upside.

A break higher seems likely in the near future, with a break below $1.1275 required to negate this bullish picture. That being said, be aware that any such bullish break looks likely to be a retracement of the wider sell-off from $1.1514.

EUR/USD chart
EUR/USD chart

GBP/USD consolidates below Fibonacci resistance

GBP/USD has rallied into the 76.4% retracement level this week, with the pair consolidating since.

There is a chance we could turn lower from here, yet it makes sense to look out for a break below $1.3012 as a signal of impending weakness. Conversely, if we did see a break through that Fibonacci resistance at $1.3113, and more importantly the $1.3218 swing high, this would look to pave the way for a wider period of upside.

GBP/USD chart
GBP/USD chart

AUD/USD breakdown points towards further losses

A volatile week for AUD/USD has seen a rally into the 61.8% Fibonacci resistance off the back of a strong jobs report, followed by a sharp decline after news of trouble for Australian coal exporters in China.

However, the sum total of this has been a bearish breakdown to build on the initial signal brought about by a fall below $0.7076 earlier in the month. It looks like we are set for further upside, with any rally in the short term looking like a selling opportunity. As such, a bearish outlook is in play unless we see a break through the $0.7207 level.

AUD/USD chart
AUD/USD chart

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