Dollar weakness continues to bolster GBP/USD and AUD/USD
The pound and the Aussie remain in uptrends against the dollar, as risk appetite recovers around the globe.
GBP/USD
What started off as a counter-trend bounce from the lows of January has continued throughout February and March.
Having cleared $1.28 and the 200-day simple moving average (SMA), the GBP/USD price is now on the cusp of testing early November highs. There has been little in the way of short-term weakness for the pair, and some support may be found at the December $1.28 highs. November's $1.3045 highs beckon in the short term.
GBP/USD daily chart
AUD/USD
AUD/USD is heading back to test the late February highs, having begun a new leg higher at the beginning of the month from support at $0.62.
Above $0.64, the February high, the price will target the declining 200-day SMA. This creates a new higher high, further reinforcing the bullish view. A close back below the 10 March low at $0.6260 would suggest a possible retest of the early March low.
AUD/USD daily chart
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
