EUR/USD, GBP/USD and AUD/USD recover after Monday’s losses
The selling has eased off in several FX pairs, as risk appetite stages a tentative recovery.
EUR/USD
A small recovery here with EUR/USD has seen the price bounce from $1.17.
Buyers will be looking for a continued recovery that moves back above the 50-day simple moving average (SMA) at $1.1793, while sellers will view this as a brief respite before a fresh move back towards $1.167.
GBP/USD
GBP/USD has halted its losses for now at $1.365, although after three days of steep losses this is only a minor bounce.
The day could see a resumption of the move towards $1.36, and then below this the bearish view would be reinforced with the creation of a new lower low.
AUD/USD
AUD/USD rallied off the lows yesterday, stabilising after more than two weeks of declines, but this small bounce has yet to suggest a change in trend is near.
Further declines target $0.72 and then the August low at $0.7106. Buyers will need to see further gains above $0.73 to provide evidence a turn is at hand.
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
