EUR/USD, GBP/USD and AUD/USD recovering lost ground
EUR/USD, GBP/USD and AUD/USD regain lost ground, but how long will the rebound last?
EUR/USD on the rise, yet risk remains of another move lower
EUR/USD has been on the rise over the course of the week, with the price tentatively pushing through the 76.4% Fibonacci resistance level at $1.1771.
With trendline resistance also coming into play here, there is still a good chance we could see the bears return. A break back below $1.1726 would bring greater confidence that the price is going to start turning lower from here. Alternatively, a rise through $1.1804 would point towards a wider upward move for the pair.
GBP/USD attempting to build on recent rebound
GBP/USD has been on the front foot over the course of the week, with the price rising back towards the confluence of $1.3786 and trendline resistance.
That recent rise comes after a deep retracement of the late-July rise from $1.3572, and we would need to see that level broken to solidify a bearish continuation signal. Until then, there is still a chance we see further ground regained, with the price starting to rise back towards this confluence of resistance around $1.3786.
AUD/USD rallies towards confluence of resistance
AUD/USD has similarly been regaining ground this week, with the price rising back into the 61.8% Fibonacci resistance level at $0.727.
With a wider bearish trend in place, there is a strong chance we see another move lower before long. The confluence of Fibonacci and trendline resistance thus provides us with a zone of resistance that should spur a new move lower for the pair. Ultimately, we would need to see $0.7381 broken to bring about a more confident bullish view for AUD/USD.
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.
