Skip to content

Spread bets and 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 spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and 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 spread bets and CFDs with this provider. You should consider whether you understand how spread bets and 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

A surge for the dollar has seen EUR/USD, GBP/USD, and AUD/USD all turning lower in early trade. With key support levels down below, further short-term downside could have wider implications.

Video poster image

EUR/USD reverses lower after recent ascent

EUR/USD looks to have completed its period of upside, with the break below trendline support pointing towards a possible return of the wider bearish trend.

The upside seen throughout much of last week always looked like a potential retracement of the selloff from $1.1514. As such, a bearish outlook is in place unless we see a break through the $1.142 peak seen yesterday.

EUR/USD chart
EUR/USD chart

GBP/USD drifts lower after recent ascent

GBP/USD has been moving lower in the second half of the week, with the pair returning to the $1.3218 peak from late January.

The ability to break through the recent swing-low of $1.3233 and that $1.3218 peak will be key in determining whether this retracement is going to be fleeting, or longer lasting.

GBP/USD chart
GBP/USD chart

AUD/USD falls into key support

AUD/USD has continued its decline, following a rally into the 61.8% retracement level earlier in the month. The failure to create a new higher high, and subsequent fall below $0.7142 points towards a likely continuation of the wider bearish trend, which appears to be playing out.

However, the final hurdle remains, with a break below $0.7070 key to determining whether we are back into that bearish wider trend or post another higher low. Should we see that level broken, we would likely see another leg lower from here.

AUD/USD chart

This information has been prepared by IG, a trading name of IG Markets 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.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market.

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Equities
  • Indices
  • Forex
  • Commodities


Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.