EUR/USD, GBP/USD and AUD/USD likely to gain ground
EUR/USD, GBP/USD and AUD/USD could gain ground as dollar remains exposed.
EUR/USD continues to consolidate around key support
EUR/USD has been in consolidation mode over much of the week, with each move lower being capped at the notable $1.1347 support level.
That level represents the 7 June peak, alongside more recent lows. As such, the ability or inability to break through $1.1347 support is going to be key for this pair. Should the price remain above that level, a rise through $1.1391 would provide us with a bullish breakout signal to continue the recent uptrend. However, an hourly close below $1.1347 would likely bring about a wider bearish phase as the pair retraces some of the $1.1181 rally.
GBP/USD drifts lower, yet hurdles remain for bears
GBP/USD has continued to drift lower, following a surge seen throughout much of last week.
That surge took the pair into a new high given the break through $1.2763. With that in mind, there is a possibility for another move higher before long. Watch for a break through the $1.2725 swing high to bring about a more bullish outlook. Until then, a continued grind lower remains in play.
AUD/USD approaches key resistance level
AUD/USD has managed to regain ground over the course of the week, with hopes of a US-China breakthrough helping sentiment.
That rally has taken us into the crucial $0.7021 resistance level, which must be overcome to bring about a wider bullish outlook. Watch out for the reaction to that level as a guide of whether the pair goes from here.
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
