EUR/GBP and AUD/USD higher, while USD/CAD rally falters
Both EUR/GBP and AUD/USD have moved higher, the latter forming a possible short-term low, while the strong gains in USD/CAD have been temporarily checked.
EUR/GBP moves back above 50-day SMA
EUR/GBP's rally from the lows of last August continues, and has carried it back above the 50-day simple moving average (SMA).
This now clears the way for another attempt to reach the highs of July and August around £0.865, though now this level lies beyond the 100-day SMA. If the price fails to break the 100-day SMA then the bearish view will be given further reinforcement.
Above £0.865 the price will head towards the mostly-flatlining 200-day SMA.
AUD/USD forming short-term bottom?
A possible short-term low continues to form here, with AUD/USD rallying back above $0.64 once again.
Having dropped to a near ten-month low the bearish view remains firmly in place. Bears might actually welcome a rebound in the short-term to create a fresh lower high, which might potentially emerge near the declining 50-day SMA.
A reversal and slump back below $0.64 would amplify the short-term negative view, and bring the $0.625 level into play, along with the lows of October 2022 around $0.62.
USD/CAD rally stalls
After the impressive rally from early July, USD/CAD may finally have hit some selling pressure.
It is likely too soon to suggest a near-term top has formed, but some consolidation might not be surprising, with the 200-day SMA an initial target for some short-term weakness.
Continued price action above C$1.34 will indicate that the buyers remain in charge overall.
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. See full non-independent research disclaimer and quarterly summary.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market.
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
