EUR/USD, GBP/USD and NZD/USD rise around key support
EUR/USD, GBP/USD and NZD/USD start to show signs of strength at key support levels.
EUR/USD declines into key support
EUR/USD is heading higher this morning, with recent declines taking us into a notable region of support around $1.0766.
Given the current move higher, we could see a break through $1.0816 which would bring about the possibility of short-term upside. With the wider range of consolidation seen throughout the week, such a break could mark the beginning of another short-term period of upside to continue this consolidation.
GBP/USD sell-off reaches notable support level
GBP/USD found support at the $1.2165 level yesterday, with the price turning higher immediately after. A break below that point would bring the lowest level since late March as evident through the four-hour chart.
As such, while we are seeing short-term downside, the outlook will be determined by the ability or inability to break below the $1.2165 support level. Should we hold up above that level, this could be the beginning of a more bullish phase.
NZD/USD starts to find support on Fibonacci level
NZD/USD has been on the slide recently, with the break below $0.5995 signalling the potential for an extended move lower for this pair. However, with the price breaking through the $0.6005 resistance level overnight, there is a possibility we could see some short-term upside come into play.
With that in mind, the current respect of the 61.8% could mark a short-term bottom, with a break through $0.5998 bringing greater confidence of such a move. Nevertheless, should we see short-term upside, there is a strong chance that such a move would represent a retracement of the wider sell-off from $0.6156. Thus whether we break higher now or not, the wider picture is increasingly bearish give the recent breakdown below $0.5995.
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
