Dollar sell-off continues, with EUR/USD, GBP/USD, and AUD/USD on the rise
EUR/USD, GBP/USD, and AUD/USD look set for further upside, as the dollar continues to ease back.
EUR/USD uptrend intact despite pullback
EUR/USD has been losing ground in early trade today, seemingly posting a short-term retracement move for now.
With the pair continuing to create higher highs and lows, there is ground for further upside despite this current pullback. With that in mind, a bullish outlook remains in play unless we see a break below the $1.0953 support level.
GBP/USD eases back within uptrend
The GBP/USD uptrend remains intact despite early losses today, with the current weakness looking like a potential buying opportunity.
With that in mind, any short-term downside is likely to be a precursor to further gains, with a break below $1.2145 required to negate this bullish outlook.
AUD/USD likely to resume bullish trend before long
Once again, we are looking at a counter-trend pullback here, with AUD/USD weakness looking unlikely to last.
A break below the $0.6023 level would bring about a more bearish outlook, yet the shallow nature of this move lower highlights the strong possibility that this pullback is a precursor to another leg higher before long.
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
