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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

EUR/USD edges higher, GBP/USD falls back and AUD/USD moves sideways

A revival in risk aversion has hit GBP/USD, while the Aussie dollar is struggling to make headway against the greenback.

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EUR/USD still in uptrend

The rally continues for EUR/USD, although a firm move through the $1.136 peak still eludes the price. If a higher low is created today then we may see a fresh push higher that once again challenges the recent highs.

A move below $1.13 would indicate a move back towards the $1.126 low from last Friday, which would start to indicate a more bearish view is beginning to prevail.

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

GBP/USD rally stumbles

The bounce for GBP/USD is finally seeing some real weakness, as the price drops below last Friday’s higher low and pushes down towards $1.25.

A rebound from oversold levels may create a lower high and a possible selling opportunity, although a rebound back above $1.26 and the 50-hour simple moving average (SMA) would revive the bullish view.

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

AUD/USD moves into sideways pattern

AUD/USD has shifted from uptrend mode into a consolidation pattern, with rallies towards $0.70 hitting resistance but support holding around $0.693.

A decisive break either to a new higher high or below support to a new low is required to establish a new direction.

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

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