EUR/USD, GBP/USD and AUD/USD decline into key support
EUR/USD, GBP/USD and AUD/USD declines see key levels broken. Will this spark another bearish phase?
EUR/USD consolidates above critical breakdown level
EUR/USD broke below the $1.1097 support level yesterday, raising the chance of a wider bearish picture coming back into play for the pair.
We need to see a drop below the $1.1066 level to bring about a more confident bearish breakdown signal. Thus, it makes sense to watch for a potential break below that $1.1066 level to bring about a wider medium-term sell signal that tallies up with the long-term downtrend in play over the past two years.
GBP/USD turns higher from key support level
GBP/USD is starting to regain ground following a decline into the crucial $1.2954 support level.
A break the $1.2954-$1.2904 support zone would signal a wider bearish picture coming into play. However, with the price turning higher, there is a chance we will build on the rally through $1.3097 seen on Friday.
AUD/USD breaks below critical support level
AUD/USD has been breaking lower since Thursday’s peak, with the pair now slipping below the critical $0.6849 level.
Should we see the price maintain this breakdown, we would be looking at further downside to continue this bearish phase. Ultimately, we appear to have formed a head and shoulders formation over the past month, with further downside looking likely as a result.
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.
