EUR/USD, GBP/USD and AUD/USD ease back on dollar strength
EUR/USD, GBP/USD, and AUD/USD head lower, with the dollar gaining ground off haven demand.
EUR/USD drifts lower after recent rally
EUR/USD has started to drift lower since Friday’s peak of $1.1804, with the pair taking a breather from a recovery phase. The pair looks likely to rise towards the deeper Fibonacci retracement levels of $1.1831-$1.1861.
With that in mind, the current pullback looks like a potential precursor to the pair heading higher once again. A break below the $1.1704 level would be required to bring a bearish continuation signal back into play.
GBP/USD falls back into support
GBP/USD failed to overcome the $1.3888 resistance level yesterday, with the recent downtrend thus remaining intact.
A break up through that level would bring about a more bullish picture once again. Until then, the $1.3791 support levels comes into play here, with a decline through this level bringing about a bearish continuation signal.
AUD/USD tumbles into fresh eight-month low
AUD/USD has been on the back foot overnight, with the Reserve Bank of Australia (RBA) preparing to hold off on tapering in the face of lockdown restrictions.
The break below $0.7289 points towards a potential push lower from here, with a bearish outlook in play unless we see a break up through the $0.7381 swing high.
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.
