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EUR/USD, GBP/USD and AUD/USD recover after Monday’s losses

The selling has eased off in several FX pairs, as risk appetite stages a tentative recovery.

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

EUR/USD

A small recovery here with EUR/USD has seen the price bounce from $1.17.

Buyers will be looking for a continued recovery that moves back above the 50-day simple moving average (SMA) at $1.1793, while sellers will view this as a brief respite before a fresh move back towards $1.167.

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

GBP/USD

GBP/USD has halted its losses for now at $1.365, although after three days of steep losses this is only a minor bounce.

The day could see a resumption of the move towards $1.36, and then below this the bearish view would be reinforced with the creation of a new lower low.

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

AUD/USD

AUD/USD rallied off the lows yesterday, stabilising after more than two weeks of declines, but this small bounce has yet to suggest a change in trend is near.

Further declines target $0.72 and then the August low at $0.7106. Buyers will need to see further gains above $0.73 to provide evidence a turn is at hand.

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. 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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