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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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​​​EUR/USD, GBP/USD fall to multi-month lows with AUD/USD also being under pressure​​​

EUR/USD, GBP/USD drop to multi-month lows with AUD/USD also being under pressure​ as the greenback strongly appreciates.​

Forex Source: Adobe images
Forex Shares United States dollar EUR/USD GBP/USD AUD/USD
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​EUR/USD drops sharply

EUR/USD drops to seven-month lows on US dollar strength with the April trough at $1.0601 being eyed. Further down lies the November 2023 low at $1.0517.

​Minor resistance can be spotted at last week's $1.0683 low.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

GBP/USD falls

GBP/USD has fallen to the 200-day simple moving average (SMA) at $1.2817, to levels last traded in August with the January-to-February highs at $1.2786-to-$1.2772 representing possible downside targets.

​Minor resistance above last week's $1.2835-to-$1.2844 can be found at the 23 October low at $1.2908.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

​AUD/USD tumbles

AUD/USD formed an interim top at $0.6688 on Thursday before slipping towards last week's low at $0.6513. While it underpins, a longer-term bullish forecast remains in play but failure at this level may push the August low at $0.6349 to the fore.

​Resistance can be seen along the 200-day SMA at $0.6628.

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

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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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