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.

FX levels to watch – EUR/USD, GBP/USD, AUD/USD

EUR/USD and GBP/USD strength comes under pressure, with Fibonacci resistance in play. Meanwhile, AUD/USD could sell off once more as North Korea looks likely to do more nuclear tests.

anonymous

Publication date : 2022-07-10T03:44:13+0100

Pounds sterling and dollar

Source: Bloomberg

EUR/USD pullback unlikely to last

EUR/USD has been turning lower once more this morning, coming off the back of Friday’s rally through the key $1.2070 level. That break means we remain within an uptrend, and as such this current weakness is perceived to be short-term in nature.

Watch out for trendline and Fibonacci support in the meantime, as potential areas for the market to turn higher once more. We would need to see a break back below $1.1823 to negate this bullish view.

EUR/USDchart

EUR/USDchart

EUR/USDchart

GBP/USD wedge points towards further upside

GBP/USD has been gradually moving lower since the $1.3224 peak on Friday. The pair is in a very clear uptrend over the short term, and shows little sign of letting up for now. The currently being formed falling wedge pattern is a bullish one, with the breakout expected to come to the upside.

Watch out for a break and hourly close above $1.3210 as the bullish breakout signal. Until then, this short-term weakness could persist. An hourly close below $1.3121 would negate this bullish outlook.

GBP/USDchart

GBP/USDchart

GBP/USDchart

AUD/USD falls into support zone

AUD/USD has been pulling back sharply since Friday’s latest push higher. The pair clearly looks set for further gains given the current uptrend, with the confluence of trendline and Fibonacci support looking like it could provide that bullish reversal.

With that in mind, it makes sense to look for long positions as long as we do not see a move back below $0.7963.

AUD/USDchart

AUD/USDchart

AUD/USDchart

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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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.

IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in order to utilise their foreign investment allowance should the South African resident wish to open an offshore account with IG Markets Limited.

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