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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 and AUD/USD all rising

A weaker dollar following last night’s FOMC meeting has resulted in gains for EUR/USD, GBP/USD and AUD/USD.

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Forex United States dollar GBP/USD Euro EUR/USD AUD/USD
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD continues to gain

EUR/USD has continued to rally over the past 24 hours, heading back towards $1.089, last seen on Tuesday.

The continued bullish short-term outlook will being $1.097 into view if the price clears $1.09, which acted as resistance in the middle of the month. A reversal below $1.082 would provide a more bearish development. Today’s European Central Bank (ECB) meeting is expected to provide significant volatility, which may provide a possible test of the rising trendline.

EUR/USD price chart Source: ProRealTime
EUR/USD price chart Source: ProRealTime

GBP/USD remains in rising trend

A steady rising trend is in place for GBP/USD too, although gains over the past day have stalled at $1.248.

In addition, the $1.25 area may provide some resistance. Weakness yesterday found support at $1.24, so a change of trend will need a break below this level. Beyond $1.25, the $1.265 area comes into play.

GBP/USD price chart Source: ProRealTime
GBP/USD price chart Source: ProRealTime

AUD/USD pushes higher

In common with the equity market, the AUD/USD currency pair continues to see a move higher.

The trend has been a gentle one, with little in the way of retracements over the past 48 hours. The next target is $0.667, the high from early March, with the 200-day simple moving average (SMA) at $0.669 just beyond this.

AUD/USD price chart Source: ProRealTime
AUD/USD price 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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