EUR/USD, GBP/USD and NZD/USD weakness brings key support levels into view
EUR/USD, GBP/USD and NZD/USD have all drifted lower, yet key support levels need to break for the bullish trend to reverse.
EUR/USD continues to rally after crucial bullish breakout
EUR/USD has continued its recent uptrend, with the last week seeing three strong upward surges.
The break through $1.1264 provided us with a breakout signal following months of downside for the pair. This points towards a bullish phase in play now, with the intraday creation of higher highs and higher lows providing us with greater confidence that this move will continue. This morning is seeing the pair turn lower, yet that short-term trend remains intact and there is a strong chance that what we are seeing is a buying opportunity. As such, a bullish outlook remains in play unless we see a fall below the $1.1251 swing low.
GBP/USD eases back after recent break through key resistance
GBP/USD has been drifting lower in early trade, following a very positive start to the month of June.
The break through $1.2748 signals a likely bullish picture emerging, as the pair fails to maintain the creation of lower highs. This new bullish signal brings expectation of further upside, with a break below $1.2668 required to negate that view. Given the drop into the 61.8%-76.4% Fibonacci zone, it looks likely we will see another move higher some point soon.
NZD/USD falls back into key support zone
NZD/USD has seen sharp declines in early trade today, despite the strong move higher on Friday.
That fall is bringing about a move into both trendline and horizontal support. A move below the $0.6612 would signal a break from this recent bullish trend. As such, watch out for whether we hold up and reverse higher from here or not. The key here is whether we reverse higher or break lower from this support zone as a precursor of where we go from here.
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.
