EUR/GBP and USD/CAD fall back, while AUD/USD consolidates
The euro is retreating against the pound, as is the US dollar versus its Canadian counterpart. AUD/USD is holding firm near recent highs.
EUR/GBP retreats from 50-day moving average
The bounce here has carried EUR/GBP back to the 50-day simple moving average (SMA), which has acted to cap gains over the past three weeks.
A fresh decline from here would then target last week’s lows at £0.85, and resume the ongoing downtrend.
A close above the 50-day SMA and then above the February highs at £0.858 would mark a more bullish development.
AUD/USD consolidation continues
AUD/USD continues to consolidate around the highs hit last week, shrugging off weakness at the beginning of the week.
If this consolidation resolves into a move higher, and breaks above the highs at the end of last week, then it will continue to recoup the ground lost in the opening weeks of the year.
A short-term pullback could target the 200-day SMA, or a deeper pullback would head towards rising trendline support from early February.
USD/CAD under pressure
The move higher with USD/CAD from the end of last week stalled on Wednesday and the price closed back below the 50- and 200-day SMAs.
A lower close today could well signal that a new move lower had begun.
Buyers will need the price to regain the C$1.35 level and then push on above Tuesday’s high C$1.3525 to suggest that they are in the ascendant again.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
