EUR/USD, GBP/USD and AUD/USD decline amid dollar strength
EUR/USD, GBP/USD and AUD/USD on the slide, as the dollar bulls take control.
EUR/USD on the slide once again amid dollar strength
EUR/USD has carried on its recent downtrend, with the price driving lower amid continued lower highs and lower lows.
This sees us trading within levels not seen since May 2017. That downtrend is expected to persist from here, with further downside likely unless we see a break through the $1.0959 swing high.
GBP/USD falls back into key support level
GBP/USD has been on a bearish trajectory since completing a head and shoulders formation last week.
That is expected to continue, with the price currently trading around a key support level at $1.2283. The recent rally provides us with another lower high, and it looks like we have moved on from the 200-period simple moving average (SMA) support that appeared to be holding up the price. As such, further downside looks likely from here, with a break below $1.2271 providing a bearish confirmation signal. We would need to see $1.2346 broken to bring about a more bullish outlook.
AUD/USD breaks below Fibonacci support
AUD/USD is moving sharply lower off the back of a Reserve Bank of Australia meeting which saw them cut rates to a record low of 0.75%.
This takes us beyond the final Fibonacci retracement of 76.4%, with the price heading towards the $0.6687 low from a month ago. A break below that point would negate the bullish price action that had been built over the past month, with the wider downtrend clearly back in the driving seat. As such, watch out for whether that level can be broken as a key determinant of forthcoming AUD/USD sentiment.
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
