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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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AUD/USD, EUR/USD and GBP/USD sell off ahead of FOMC

Pared back US rate cut expectations to December have pushed yields and the US dollar higher with AUD/USD, EUR/USD and GBP/USD bearing the brunt.

FX board image Source: Getty Images
Forex United States dollar EUR/USD GBP/USD AUD/USD Market trend
Written by: Axel Rudolph | Market Analyst, London
Publication date:

AUD/USD topped out

AUD/USD's swift decline has bearish connotations with the February low at $0.6443 representing the first downside target.

Resistance is seen between the 200-day simple moving average (SMA) at $0.6521 and the 55-day SMA at $0.6530.

AUD/USD daily candlestick chart Source: Tradingview
AUD/USD daily candlestick chart Source: Tradingview

EUR/USD resumes its descent

EUR/USD is slipping once more and is seen heading towards its April $1.0601 low. This bearish view will remain intact while no bullish reversal takes the cross above last week's high at $1.0753.

EUR/USD daily candlestick chart Source: Tradingview
EUR/USD daily candlestick chart Source: Tradingview

GBP/USD keels over

GBP/USD is in the process of keeling over. A fall through the Friday's low at $1.2449 would probably engage the mid-April low at $1.2406.

This toppish view will remain in play while no bullish reversal takes the currency pair above Monday's high at $1.2570.

GBP/USD daily candlestick chart Source: Tradingview
GBP/USD daily candlestick chart Source: Tradingview

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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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