EUR/USD mixed but GBP/USD and AUD/USD look for gains
The pound has pushed on to new highs for the year against the dollar, while the Aussie is showing signs of strength.
EUR/USD shaky after ECB decision
The European Central Bank’s (ECB) 25-basis point (bp) hike failed to drive EUR/USD higher, though it continues to sit around recent highs.
No serious retracement is yet in play here, and it would need a move below $1.093 to suggest one might develop in the short-term.
For the moment, the bullish view continues to hold sway, with a move towards $1.118 (the April 2022 high) still in prospect.
GBP/USD at new 2023 highs
The price pushed a little higher on Thursday with GBP/USD, and with a bullish daily moving average convergence/divergence (MACD) crossover looming a new leg higher could be underway.
This might then see the pair push on to the May 2022 highs at $1.266. Dips so far have been shallow, with no sign yet of a more significant turn to the downside at hand.
AUD/USD looks to move higher
The price has rallied with AUD/USD, and is now testing the 50-day simple moving average (SMA) once again.
A move above this might help revive a bullish view, and could see the pair push on towards the $0.679 highs that marked the peak back in April. Having fallen back from the February highs there are now signs of stabilisation.
This bullish view would be negated by a move back below $0.66.
This information has been prepared by IG, a trading name of IG Markets Limited. 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
