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 and AUD/USD

EUR/USD, GBP/USD, and AUD/USD all regain ground in a signal that we could be set for a period of upside against the dollar.

anonymous

Publication date : 2018-06-04T09:32:25+0100

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EUR/USD attempts to regain ground

EUR/USD is once again pushing higher, following on from a trendline break seen last week.

Should we see a push through the $1.1724-$1.1750 resistance zone, there is a heightened chance that we will see further upside come into play. A break above that zone would point towards a potential retracement of the sell-off between $1.1996 and $1.1509.

EUR/USD chart

EUR/USD chart

EUR/USD chart

GBP/USD showing signs of bullish resurgence

GBP/USD has managed to break through the $1.3348 swing high from Thursday, following on from the failure to create another lower low last week.

This provides a bullish short-term outlook for the pair, with further upside looking likely as we move into a deeper retracement. There is a good chance that this upside is only a short-term phenomenon, with a shift into the 61.8% or 76.4% expected before we turn lower once more. The difficulty comes in deciding whether we will be retracing the recent $1.3618-$1.3209 or else the $1.4376-$1.3209 wider decline. For now, we are looking at a potential short-term rally, thus pointing towards a move towards $1.3459-$1.3520 Fibonacci resistance. We would need a break below $1.3253 to bring about a more bearish outlook.

GBP/USD chart

GBP/USD chart

GBP/USD chart

AUD/USD rallies into trendline resistance

AUD/USD has managed to start the week in a positive fashion, following a strong retail sales figure overnight.

That has taken us into a line determined from the peaks on 4 and 22 May. With the price turning lower from there, we have a strong chance of a pullback. However, this looks like another potential short-term period of downside until we move higher to continue the recent resurgence. With that in mind, as long as the price remains below trendline resistance, there is a strong chance of short-term downside, if only to take a breather in this rally.

AUD/USD chart

AUD/USD chart

AUD/USD chart

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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.

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