EUR/USD, GBP/USD and AUD/USD at risk of another move lower
EUR/USD, GBP/USD and AUD/USD at risk of further downside, with the bulls seemingly set to take the back seat for the time being.
EUR/USD starts to roll over once more after recent rebound
EUR/USD has been on the rise over the course of this week thus far, with the pair regaining lost ground since Friday’s low of $1.1513.
A break up through the $1.1617 resistance level would bring a more positive picture into play. However, we are instead seeing the bearish trend kick back in here, with the decline below $1.157 highlighting the beginning of a downward turn.
GBP/USD rolling over after recent rebound
GBP/USD has started to weaken after a retracement into the 61.8% Fibonacci resistance level at $1.3593.
The selloff seen over the course of the past fortnight looks like it could soon come back into play, with a bearish trend still relevant until the price rises through the $1.3698 resistance level. Until then, there is a chance we could see the price turn lower and head back towards the $1.3411 support level.
AUD/USD pullback continues as the price hits 4-week low
AUD/USD has continued its decline, with the pair dropping back into a four-week low. However, the wider trend points towards a trend of higher lows, with the recent period of weakness looking like a retracement before we turn higher once again.
For now, we could see further downside in a bid to continue this bearish short-term trend. However, the wider picture does point towards a strong likeliness that the pair turns higher once again before long, with a rise up through the prior swing high (currently $0.7432) required to bring that wider bullish view back into play.
This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
