Dollar weakness brings strong EUR/USD and GBP/USD, while USD/JPY rises from trendline
EUR/USD and GBP/USD rise back towards major resistance, while USD/JPY starts to turn higher from trendline support.
EUR/USD rallies into key resistance
EUR/USD has continued its rise, with the price running into the $1.2243 resistance level established back in late February.
With the pair coming off the back of a strong surge, this resistance level could bring a pullback for EUR/USD. As such, today's sentiment will largely be directed by the reaction to this resistance level.
GBP/USD pauses after latest rise
GBP/USD has also been on the rise, with the dollar having suffered from a fresh bout of selling across the board.
The uptrend seen over the course of the past month does point towards further upside to come, although the fall below 80 on the stochastic does highlight a potential pullback. To the upside, the $1.4241 level provides a major hurdle to overcome.
USD/JPY retracement could be over, with bulls coming back into play
USD/JPY has been on the back foot over the course of the past week, with the pair retracing the gains seen a week ago.
However, with a wider bullish trend in place, there is a good chance we will see strength following this decline into trendline support. As such, watch for a potential push higher from here. A break below the ¥108.35 level would be required to negate this wider trend of higher lows.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
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
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
