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EUR/USD, GBP/USD and AUD/USD all struggle in early trading

A bout of risk aversion has hit FX markets, with the US dollar strengthening once again.

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

EUR/USD turns down in early trading

The EUR/USD bounce of earlier in the week has been reversed and now a move to the $1.1186 level seems likely.

This would then open the way towards further downside. The relatively weak bounce in momentum indicators such as stochastics points towards a resumption of the downtrend in due course.

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

GBP/USD still unable to bounce

After a small recovery yesterday the GBP/USD price is under pressure once again.

We look for a push back towards $1.316, as the downward move of the past month reasserts itself. A revival above $1.33 still looks a distant prospect for now, but would be needed to provide a more short-term bullish view.

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

AUD/USD bounce stalls

Having rallied along with equity markets after a bruising decline in November, the AUD/USD price has stalled around $0.7185.

A small reversal for now has yet to signal a return to the downtrend, but a failure to revive the move and rally above $0.72 would send a bearish message. A drop below $0.71 would open the way to further downside.

AUD/USD chart Source: ProRealTime
AUD/USD 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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