EUR/USD and AUD/USD edge higher from recent lows, while GBP/USD fights to move higher
The dollar remains strong overall but buyers in EUR/USD and AUD/USD have managed to drag these pairs off their recent lows.
EUR/USD rebounds off lows
The dramatic slump of the past three weeks seems to have paused for now, as EUR/USD price rallies back above $1.13, having fallen below this level only two days after dropping below $1.14.
It is still too early to argue that a lower low is in, and the price could easily roll over and resume its move to the downside. A recovery above $1.14 would help reinforce the view that a bounce could be in play.
GBP/USD struggles higher
GBP/USD has managed to eke out some gains over the past week, but without much real momentum. It has been knocked back from the day’s highs so far this week, with gains faltering as the price nears $1.345.
This suggests that sellers retain the upper hand, and we look for a reversal below $1.34 that would renew the bearish view. A rally above $1.345 would start to suggest a near-term bounce is in play.
AUD/USD moves off overnight lows
Hopes of a bigger rebound have been dashed for now as AUD/USD price slumped back to $0.73 yesterday.
While it has recovered from the overnight lows the bullish view will be negated unless we can see a recovery of $0.735. A continued defence of $0.729 may be all the buyers can hope for, for the time being.
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.
