Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose. CFDs are complex instruments. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

EUR/USD, GBP/USD and AUD/USD begin to rise​

EUR/USD, GBP/USD and AUD/USD see tentative gains, yet only the pound looks to potentially have the legs for further upside.

EUR/USD rebounds, yet will it last?

EUR/USD has been declining for much of the week, following a double-top formation that completed last Tuesday. The gains seen yesterday are yet to take us through the $1.1043 resistance level, with the price having rallied into the 76.4% Fibonacci retracement level.

A break through that $1.1043 swing high would provide us with a bullish signal. However, until then there is a good chance we will turn lower from this Fibonacci resistance level.

GBP/USD shows tentative bullish signs

GBP/USD has been drifting lower for much of the last month. However, we are seeing tentative signs of a potential bullish reversal, with the price having broken through the $1.2874 resistance level.

A rise through $1.2898 would provide greater confidence of this bullish resurgence. However, until we see a move below $1.2825, this pair looks likely to turn higher before long.

AUD/USD begins to regain ground after sharp declines

AUD/USD has seen sharp losses after engaging with a confluence of resistance around the turn of the month. We have since seen the prices drop into the lowest levels seen in a month, after a decline below the key $0.6809 level.

That points towards further downside to come. However, we are currently attempting to regain ground, following the sharp move lower on Wednesday night. This is likely to falter once more, with a break through the $0.6841 level required to signal that this rebound has legs. Until then, we are likely to turn lower before long.

This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.

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