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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

EUR/USD, GBP/USD and AUD/USD show potential for further upside

EUR/USD, GBP/USD and AUD/USD show potential for another leg higher as the dollar eases off ahead of next week’s FOMC meeting.

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EUR/USD surges after consolidation phase

EUR/USD finally broke higher from its consolidation phase, with price remaining within a trend of higher highs. That recent failure to break below $1.1572 was telling, with the 76.4% Fibonacci level ultimately providing a good buying opportunity.

We are looking at a clear bullish short-term trend set against a bearish longer-term picture. With that in mind, further upside should be expected until we see the price break from this trend of higher lows (below $1.1582).

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

GBP/USD rebounds but risks another move lower here

GBP/USD has been largely consolidating this week, with price drifting lower in the wake of the gains seen in the first three-weeks of October.

There is a good chance that this current phase is a precursor to us heading higher, but bullish positions are favoured above $1.3829. Until then, there is a risk we see this pair fade to continue the recent retracement phase.

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

AUD/USD continues to move higher as pair hits three-month high

AUD/USD has been on a consistent uptrend over the course of October thus far, with the price rising back into levels not seen since July.

That trend looks likely to persist from here, with a break back below the $0.7453 level required to negate this bullish trend.

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

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