EUR/USD, GBP/USD and AUD/USD rise towards key resistance
EUR/USD, GBP/USD, and AUD/USD rally towards key resistance, but will we see a bullish breakout occur?
EUR/USD remains at risk despite recent gains
EUR/USD has been regaining ground over the course of the past two-weeks, with the pair rising into the 61.8% Fibonacci retracement level at $1.18. With the pair seemingly having topped out over recent months, this current rise looks likely to be a retracement and precursor to a move lower.
With that in mind, watch for a potential bearish reversal around this confluence of inside trendline and Fibonacci resistance. A break below this trendline and the $1.1725 horizontal support level would provide a sell signal that would feed into this bearish outlook. Only a break through the $1.1917 level would bring an end to this current bearish view.
GBP/USD heading towards major breakout level
GBP/USD has been on the rise throughout much of the week, with the pair ultimately topping out at the crucial $1.3007 resistance level.
That brings an end to the trend of lower highs, with a rise up through there signaling a potential bullish phase coming into play. As such, the next signal for this pair comes with either a bullish break through $1.3007, or a bearish break below the $1.2845 support level.
AUD/USD rallies back towards key resistance
AUD/USD has been regaining ground after the short-term double top formation which saw the recent bearish trend come back into prominence.
A break up through that $0.7209 level would point towards a more bullish short-term view, although the 76.4% Fibonacci resistance level would then come into play. Until that upside break occurs, there is still a good chance we turn lower to maintain the bearish sentiment established after the recent double top into 61.8% resistance.
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.
