EUR/USD, GBP/USD, and AUD/USD turn lower after latest retracement
EUR/USD, GBP/USD and AUD/USD start to weaken once more following brief period of upside.
EUR/USD at risk of further downside after latest retracement
EUR/USD managed to regain some ground earlier this week, with the rebound into 76.4% Fibonacci resistance ultimately giving way to another bearish move.
That bearish trajectory looks likely to continue apace from here, with the current move lower likely to break below $1.1836 to continue the ongoing bearish pattern of lower lows. A rise through the $1.1932 level would be required to negate this current bearish intraday chart.
GBP/USD starts to weaken after 61.8% pullback
GBP/USD is also starting to move lower after the recent rebound, with the price weakening from the 61.8% Fibonacci resistance level of $1.3926.
That Fibonacci level also coincided with the descending trendline established from the 24 February peak. The recent bearish turnaround for this pair does look likely to persist for now, with a break up through the $1.4017 level required to negate that view.
AUD/USD turns lower from trendline resistance
AUD/USD has similarly been weakening after yesterday’s rise, with the pair coming under selling pressure after reaching a confluence of an inside trendline and the mid-February low of $0.7724.
Falling commodity prices haven’t helped things for the Australian dollar and that is something to follow as we move forward. The mid-sized nature of this latest retracement means we could yet see a deeper upward pullback. However, the recent bearish trend does hold unless we see the price move up through the $0.7838 swing high.
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
