EUR/USD, GBP/USD and NZD/USD weaken from Fibonacci resistance
EUR/USD, GBP/USD and NZD/USD turn lower after posting a deep 76.4% Fibonacci retracement.
EUR/USD turning lower from latest retracement
EUR/USD has managed to post yet another 76.4% Fibonacci retracement, with the pair heading lower once again. This highlights how the trend seen over the course of the past two months remains worth following.
While the trend is very shallow in nature, that does bring a higher likeliness of a deep retracement. As such, a bearish outlook holds from here, with a push up through the prior swing-high of $1.183 required to negate that downside bias.
GBP/USD turning lower after 76.4% retracement
GBP/USD has started to lose ground in early trade today, following the rally into the 76.4% Fibonacci resistance level at $1.383.
With a wider bearish trend playing out over recent months, there is a good chance we see further downside from here. A rise up through the $1.391 level would be required to negate that outlook.
NZD/USD slumps after deep pullback
NZD/USD has similarly turned lower after a 76.4% Fibonacci retracement yesterday.
The wider downtrend points towards such a move coming into play, with a rise through $0.7045 required to negate that bearish outlook. Until then, further weakness looks likely from here.
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.
