EUR/USD, GBP/USD, and AUD/USD rise as dollar weakens
EUR/USD, GBP/USD, and AUD/USD surge as we see risk-on sentiment start to take hold ahead of lockdown easing.
EUR/USD reverses higher
EUR/USD is on the rise, with the pair having completed a bullish head and shoulders pattern this morning.
This points towards further upside to come, yet the consolidation seen throughout the past two months could limit such short-term gains. With that in mind, a bullish short-term view is in play and a break through the $1.1008 level would be required to bring about a wider exit from this consolidation phase.
GBP/USD surges higher amid risk-on mode
GBP/USD is also surging higher as the haven dollar continues to feel the pressure this morning.
This brings us back towards a crucial area of resistance, with a break through the $1.2296 level seemingly completing a bullish reversal signal. The breakthrough $1.225 resistance does go some way to highlighting the current strength of this pair, yet key hurdles remain. As such, while we could see further short-term upside, a break through the $1.2296 level is required to bring wider bullish connotations.
AUD/USD rallies towards key resistance
AUD/USD is on the rise this morning, with the pair surging into a crucial zone of resistance between $0.6598 and $0.6616.
A break through that zone provides a bullish continuation signal for this pair, as we look to see the wider two-month uptrend carry on. With that in mind, watch out for how we respond to this area of resistance, with a break through $0.6616 providing us with a bullish continuation signal.
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.
