EUR/USD, GBP/USD and AUD/USD rebound, yet questions remain
EUR/USD, GBP/USD, and AUD/USD rebound, but major resistance means the threat of a bearish period is not over yet.
EUR/USD rallies towards trendline resistance
EUR/USD is on the rise this morning, with the price managing to break through the $1.1808 level to move towards trendline resistance. The consolidation seen over the course of the past three weeks remains in play as the pair trades around a long-term trendline resistance.
As such, we need to see a push through either $1.1916 or $1.1696 to signal a break from this consolidation pattern. Until then, this trendline provides us with a key area of resistance that could spark a short-term pullback within this consolidation zone.
GBP/USD rising from key support level
GBP/USD is on the rise, following a decline back into the $1.3009 support level. That looks to continue the consolidation phase that has been in play over the past fortnight.
A break through the likes of the $1.3186 area would signal a potential bullish continuation coming into play following a strong July. With a long-term descending trendline also coming into play at that top, we are at a crucial point for the pair, where the breakout from this consolidation will provide a significant clue of medium term direction.
AUD/USD rebound from trendline support
AUD/USD has managed to rebound from an inside trendline once again, with the pair rising back into the $0.7189 resistance level.
A rise through that level would provide greater confidence of a bullish continuation for the pair, with the potential for another short-term pullback in play here until that occurs.
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
