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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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. 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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​​EUR/USD, GBP/USD and AUD/USD on the rise after recent retracement

Dollar weakness expected to play out as EUR/USD, GBP/USD and AUD/USD turn higher following a recent retracement phase.

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​EUR/USD turning higher from key support

EUR/USD has seen the previous high of $1.185 turn into support, with the pair moving higher in early trade. The recent rally took us into the deep Fibonacci zone and thus it is worthwhile watching the $1.189 and $1.1923 levels as potential resistance on the way up.

For the short term we can see the potential for further upside as we build on the trend of higher lows. As such, a positive outlook holds unless the price falls back below the $1.185 support level.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD starts to regain ground after recent pullback

GBP/USD is back on the front foot this morning, as it looks to regain its positive momentum after a deep pullback on Friday.

That retracement provides us with a buying opportunity given the recent uptrend, where a bullish outlook holds unless the pair drops below the $1.3842 swing-low.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

AUD/USD on the rise from trendline support

AUD/USD has been lacking momentum of late, with the pair falling back into trendline support on Friday. That trendline has held up, with the price on the rise in early trade today.

That is likely to continue as we move through the day, with the dollar expected to weaken as stocks rise. With that in mind, short-term gains look likely to take us back towards trendline resistance, with a break back below the $0.7329 swing low required to negate that bullish outlook.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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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