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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 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. 69% 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.

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​​Dollar weakness allows AUD/USD to rise and USD/CAD to falter, while EUR/GBP rally stalls​

​​An easing of dollar strength after recent gains has allowed the Aussie and the Canadian dollar the chance to rally. Meanwhile, EUR/GBP’s rally has paused for now.

AUD Source: Bloomberg
Forex Canadian dollar Market trend USD/CAD EUR/GBP United States dollar
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

​​​AUD/USD rallies off support

​For the moment, the selling appears to have been halted around $0.63 for AUD/USD.

​A short-term bounce might target the 50-day simple moving average (SMA), and then trendline resistance from late September, but the bearish view remains firmly in place while the price is below $0.65.

​A close below the $0.627 level would ignite fresh downside and see the pair head further towards last year’s lows.

AUS/USD chart Source: ProRealTime
AUS/USD chart Source: ProRealTime

​USD/CAD drops back below C$1.37

​Some of the bullish momentum seen last week has faded, though the overall rally appears intact.

​In the short-term any pullback towards the rising 50-day SMA could be a buying opportunity, with a close below C$1.356 putting a more substantial dent in the bullish view.

​A rally back above C$1.373 would put the buyers back in charge and see the USD/CAD's price target of the late September highs once again.

USD/CAD chart Source: ProRealTime
USD/CAD chart Source: ProRealTime

​EUR/GBP rally stalls

​The price of EUR/GBP saw upward momentum stall on Monday, but the overall bounce is still in place.

​A pullback towards trendline support from the August lows could see more buyers emerge, while additional gains target a move above £0.873.

​A close below £0.865 would mark a potentially bearish development, though the October low around £0.862 could provide support.

EUR/GBP chart Source: ProRealTime
EUR/GBP chart Source: ProRealTime

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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 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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