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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.

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EUR/USD, GBP/USD and AUD/USD decline could bring bearish reversal

EUR/USD, GBP/USD, and AUD/USD decline, but will this spark the beginning of a wider bearish phase?

AUD Source: Bloomberg
Forex United States dollar EUR/USD AUD/USD GBP/USD Euro
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EUR/USD rebound likely to falter once more

EUR/USD is on the rise once more this morning, with the pair seemingly looking set to create a fresh retracement phase after the pair topped out last at the beginning of the week.

With that in mind, this current rise looks like a selling opportunity unless we see the price rise through the $1.1771 swing high.

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

GBP/USD turning higher after decline towards key support

GBP/USD has started to regain ground following a decline towards the $1.2863 support level.

The failure to break below that threshold does point towards a potential rebound today, with a pattern of higher lower remaining in play. As such, a bullish short-term view is in play unless the price breaks below the $1.2863 support level.

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

AUD/USD breakdown brings fresh bearish signal

AUD/USD declined through the $0.7096 support level yesterday, ending the bullish recovery pattern playing out since late-September. This points towards the wider bearish trend coming into play once again, with the recent peak having respected trendline resistance.

As such, we are likely to see further downside before long. Whether that comes immediately remains to be seen, with any short-term rebound looking a selling opportunity unless we see a break through the $0.7243 swing high.

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

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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. Clients can lose more than they deposit. All trading involves risk.

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