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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 start to rise after sharp declines

EUR/USD, GBP/USD and AUD/USD starting to move higher after recent declines, yet bearish picture looks set to return.

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EUR/USD declines through Fibonacci support level

EUR/USD has continued the short term declines, with the price falling below the 76.4% Fibonacci support level.

That points towards a potential breakdown in the wider bullish trend that has been in play since the May lows. A break below the $1.1181 swing low is key to that bullish trend being unraveled. For now, we can see the price consolidating in a move that could be the beginning of a retracement phase. However, such upside will likely be another retracement unless the price rises through $1.1312. Until then, further downside looks likely before long.

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

GBP/USD declines below key support level

GBP/USD finally managed to negate the bullish connotations that came with a rally through $1.2763.

The recent break below $1.2506 signals a wider bearish picture coming back into play once more, with the current rebound likely to fall short. As such, short-term gains looks like a selling opportunity, with a bullish picture only coming should we see a rally through $1.2589.

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

AUD/USD rebounding from key support

AUD/USD provided a bout of sharp declines throughout Friday, with the pair turning lower from trendline resistance.

We have seen a decline into the crucial $0.6956 swing low, which, if broken, would signal a bearish picture for the short-term. However, given the fact that we have essentially formed a flat-lining low at that $0.6956 low, it looks likely that we are currently forming a retracement before we see a turn lower. This current rally looks like a selling opportunity, with a rally through $0.7048 required to bring about a more bullish outlook.

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

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