EUR/USD, GBP/USD and AUD/USD tumble amid strong dollar
EUR/USD, GBP/USD and AUD/USD declines continue, with AUD/USD breaking into multi-year lows.
EUR/USD momentum slowing after downtrend
EUR/USD declines have started showing signs of easing, with the price rising through the top of the recent descending standard deviation channel.
This recent consolidation could just play out as a sideways period following on from this consistent selloff. However, there is also a good chance we are due a rebound as we retrace some of that previous weakness. Look for a break through 1.0821 to bring about a more bullish view for the short term. Until that happens, there is a good chance we could just head lower once again to continue this current bearish trend.
GBP/USD heading lower after overnight gains
GBP/USD has been on the rise overnight, with price pushing into a deep retracement zone.
That zone between the 61.8% and 76.4% Fibonacci levels is important here, with the recent bearish trend likely to come back into play. A break through the 1.2925 level would be required to negate the current short-term bearish outlook.
AUD/USD selling ramps up
AUD/USD has seen the selling ramped up after breaking below the critical 0.6671 support level.
That break below key support provides us with a signal of further losses coming into play, and those declines have been consistent in nature. With that in mind, further downside looks likely from here, with a break through 0.6624 providing us with a tentative sign that this decline could be slowing down. However, we would need to see a break through 0.6655 to bring about a more confident view that this decline is over for now. Until then, further declines look likely.
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
