EUR/USD, GBP/USD and AUD/USD retreat as US dollar strengthens post-Trump inauguration
EUR/USD and GBP/USD retreat from resistance, while AUD/USD also takes a hit amid a rising US dollar following President Trump's inauguration.
EUR/USD thwarted by resistance
EUR/USD's recovery from its over two-year low of $1.0178 likely ended at Monday's high of $1.0434, with resistance between $1.0436 and $1.0460 capping further gains.
Minor support can be found around the low of $1.0344 from 20 December, and subsequently at the early January low of $1.0225.
EUR/USD daily chart
GBP/USD hovers above 13-month low
GBP/USD continues to trade within a range above its 15-month low of $1.2100. However, it is expected to remain below Monday's high of $1.2345 and the early January low of $1.2353. Should these levels be surpassed, the November low of $1.2488 could be reached.
A decline below the $1.2100 level is more likely, targeting the October 2023 low of $1.2038, as well as the psychological support at $1.2000.
GBP/USD daily chart
AUD/USD drops
AUD/USD's recovery from its mid-January low of $0.6132 has brought it to $0.6288, nearing the early January high of $0.6302, which is likely to act as a cap.
Minor support is located at the late December low of $0.6180, as well as Friday's low of $0.6165.
A fall below the current January low of $0.6132 would highlight the October 2008 low of $0.6009 as the next target.
AUD/USD daily chart
The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
