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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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. 71% 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.

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EUR/USD, GBP/USD and AUD/USD consolidate ahead of next move

EUR/USD, GBP/USD and AUD/USD consolidate, with the euro looking likeliest to underperform.

GBP Source: Bloomberg
Forex EUR/USD AUD/USD GBP/USD Euro Pound sterling
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​EUR/USD drifts lower as downtrend continues

EUR/USD has been continuing its recent downtrend, with price moving back towards the $1.0827 lows from last Friday.

We have seen precious few signs that this trend is about to come to an end, and thus a bearish outlook remains in play. A rise through the recent high of $1.0861 would bring the potential for a more bullish outlook.

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

GBP/USD consolidates after recent gains

GBP/USD has been outperforming over the past week, with the pair moving into $1.307 resistance on Thursday. However, we are seeing that resistance level hold for now, as the price consolidates and eases back somewhat.

A break through that resistance point would bring a renewed bullish outlook, yet further short-term downside does look likely until that happens.

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

AUD/USD regaining ground after recent consolidation

AUD/USD is on the rise, following a period of consolidation that has seen the price tighten above the $0.671 support level. With the price tentatively rising through $0.6731, there is the potential for another leg higher from here.

However, it makes sense to await a more complete break through that level to start expecting any decent surge from here. Until then, the recent consolidation zone of $0.671-$0.6731 remains in play and thus short-term downside looks likely. ​

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

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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. Clients can lose more than they deposit. All trading involves risk.

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