EUR/USD, GBP/USD and AUD/USD remain bullish despite recent pause
EUR/USD, GBP/USD and AUD/USD ease back after recent gains, yet further upside looks likely before long.
EUR/USD pauses after recent gains
EUR/USD has been on the rise over the course of July thus far, with the pair hitting a 21-month high yesterday.
That uptrend is likely to persist as we move forward, yet the sharp nature of the recent rise does raise questions over the possibility of a short-term pullback into trendline support. Whether or not we see that pullback, further upside is likely before long, with a break below the $1.137 level required to negate this bullish outlook.
GBP/USD rebound faltering below key resistance
GBP/USD has been regaining ground since the sharp pullback seen yesterday morning.
This highlights the bullish trend that has been in play over the course of July thus far. With the price turning lower this morning, it makes sense to hesitate on any bullish positions from here. Instead, a break through the $1.2768 level would point towards a potential move back towards the crucial $1.2813 resistance level. Until we see such a break, there is a chance we could see a short-term move lower following the stochastic break below 80.
AUD/USD consolidates off the back of recent upside break
AUD/USD has been consolidating since the surge seen on Tuesday, with the pair potentially building energy before we see another push higher towards the next resistance level of $0.7206.
A break below the $0.7112 level would bring about a short-term bearish picture as we retrace the recent rally, while a break through $0.7183 points towards an immediate continuation of the recent uptrend.
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
