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.

FX levels to watch – EUR/USD, GBP/USD and AUD/USD

The dollar is in the driving seat, with EUR/USD, GBP/USD and AUD/USD all pulling back. With trade and Brexit concerns continuing to dominate, there looks to be further downside to come.

anonymous

Publication date : 2018-10-02T09:45:37+0100

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EUR/USD falls into key support

EUR/USD has been continuing its decline, with the pair falling into the crucial $1.1526 support level. The ability to break below here is going to be key in determining our direction for the day.

As such, watch for an hourly close below this level for a bearish outlook. Otherwise, watch short-term intraday charts for potential bullish signals if we fail to break lower.

EUR/USD price chart

EUR/USD price chart

EUR/USD price chart

GBP/USD continues downturn

GBP/USD has dropped into a near three-week low, with the pair looking set for further downside from here.

The downtrend seen since the $1.3298 peak is likely to persist, even if we are looking at a retracement. We would need to see a break through $1.3117 to pave the way for further upside, with more losses on the cards until then.

GBP/USD price chart

GBP/USD price chart

GBP/USD price chart

AUD/USD reversing lower off SMA resistance

AUD/USD is declining yet again, with the price having respected the 200-day simple moving average (SMA) on the four-hour chart time and time again. This latest move adds greater credence to the sell-off that started at the 76.4% retracement of $0.7312.

The wider downtrend remains intact, and thus further losses are expected. If we break through the $0.7239 mark, it would weaken the short-term bearish outlook. However, from a wider perspective, a bearish outlook remains unless we rally through $0.7382.

AUD/USD price chart

AUD/USD price chart

AUD/USD price chart

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This information has been prepared by IG, a trading name of IG Markets Limited 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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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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