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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 drops to 5-month low, EUR/GBP remains under pressure while EUR/USD tries to recover

AUD/USD drops to 5-month low, EUR/GBP remains under pressure while EUR/USD tries to recover ahead of US ADP employment data release and Non -Farm Payrolls on Friday.

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

AUD/USD drops to 5-month low

AUD/USD slipped through its November $0.6441-to-$0.6435 lows to $0.6409 on Wednesday morning, a five month low. Were they to give way, the August low at $0.6349 would be eyed.

Minor resistance remains to be seen along the September-to-November downtrend line and the 29 November high at $0.6518-to$0.6528.

AUD/USD chart Source: TradingView
AUD/USD chart Source: TradingView

EUR/GBP stays above support

EUR/GBP remains under pressure and slides towards Monday £0.8271 low, made marginally above the 22 November low at £0.8269. Below this support area lies the November low at £0.8260, a level last traded in April 2022.

The 55-day simple moving average (SMA) at £0.8340 is expected to act as minor resistance, when revisited. Only a rise above it would target last week's high at £0.8375 as well as the late August low at £0.8400.

EUR/GBP chart Source: TradingView
EUR/GBP chart Source: TradingView

EUR/USD still tries to recover

EUR/USD is trying to head back up again with the recent highs at $1.0597-to-$1.0610 being in sight while Monday's low at $1.0461 underpins. Below it lies the November $1.0333 low.

EUR/USD chart Source: TradingView
EUR/USD 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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