EUR/USD, GBP/USD and AUD/USD rally likely to falter once again
EUR/USD, GBP/USD and AUD/USD attempt to regain lost ground. However, this looks to be a retracement phase before the bears come back into play.
EUR/USD at risk after rally into intraday resistance
EUR/USD has managed to rally into the $1.1609 resistance level this morning, with a gap higher at the start of this week’s trade being immediately sold into.
The recent dollar strength has hit the pair hard, and we would need to see $1.1609 broken to bring about a more positive short-term outlook. Until then, there is a good chance we see the bears come back into play to maintain this downward trend.
GBP/USD recovery unlikely to last
GBP/USD has been on the rise since Wednesday’s lows. The bearish trend in play of late portrays this current rebound as a likely retracement before the bears come back into the fray once again.
With that in mind, it is worthwhile watching for potential respect of the Fibonacci resistance levels, such as $1.3621 and $1.367. A break-up through the $1.375 swing-high would be required to bring about a more positive outlook for the pair.
AUD/USD rallies into Fibonacci resistance
AUD/USD has similarly been gaining ground since Wednesday’s low, with the price retracing off the back of a period of declines.
That downtrend comes back into question here, with a bearish outlook bringing expectations of another turn lower here. That negative outlook holds unless the price break up through the $0.7316 resistance level.
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.
