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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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. 70% 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 drop like a stone amid Trump tariff imposition​

​​​EUR/USD, GBP/USD and AUD/USD drop like a stone amid President Trump 10% tariff on China and 25% tariff on Canada and Mexico.​​

USD Source: IG
Forex Shares United States dollar EUR/USD GBP/USD AUD/USD

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Article publication date:

​​​EUR/USD drops like a stone

EUR/USD's fall from its late January $1.0533 high has accelerated as President Trump imposed new 25% tariffs on Mexico, Canada, and 10% on China.

​A gap with Friday's low at $1.0350 opened up with the January low at $1.0178 being within reach. It should act as at least minor support.

​The $1.0270-to-$1.0350 price gap creates resistance.

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

​GBP/USD falls

GBP/USD's rejection by its upper downtrend channel line has so far taken it to Monday's $1.2225 low below which lies minor support at the mid-January $1.2161 trough.

​Minor resistance sits at the early January $1.2353 low.

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

​AUD/USD falls to April 2020 levels

AUD/USD has fallen to levels last traded in April 2020 at $0.6088. Below it lies the minor psychological $0.6000 support zone.

​Resistance is seen at the mid-January low at $0.6165 and also at the late December low at $0.6180.​​

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. 70% 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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