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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 held below resistance as GBP/USD and AUD/USD move up

The rally in GBP/USD shows no sign of slowing, while AUD/USD is also attempting to break higher.

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EUR/USD stuck below $1.14

​The small rebound here continues with EUR/USD, although it has yet to break above the late December high.

This still looks more like a consolidation rather than a bigger move to the upside, so long as the $1.14 level remains unbroken. However, a bearish catalyst in price terms has yet to occur.

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

​GBP/USD counter-trend bounce still flying

The strong bounce of GBP/USD from the lows of December shows no sign of reversing, and for now, the price appears to remain firmly in a bullish view, at least in the short term.

The wider downtrend is still intact, but as yet a new lower high has yet to be created.

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

AUD/USD rally hits 50-day SMA

The price of AUD/USD has rallied throughout the week, after stabilising around $0.716.

Over the past week or more gains above the falling 50-day simple moving average (SMA) $0.721 have not been sustained, so a daily close above this will be an important development. Further gains would then target $0.727. It would take a reversal back below $0.716 would provide a more bearish view.

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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