EUR/USD, GBP/USD and AUD/USD start to regain ground
EUR/USD, GBP/USD and AUD/USD begin to regain ground after declines towards crucial breakdown levels.
EUR/USD continues the regain ground
EUR/USD has been on the rise since declining into a deep retracement which took us within touching distance of the crucial $1.1067 swing low.
A break below that level would have provided us with a bearish outlook in accordance with the long-term downtrend. However, the bullish trend evident over recent months remains intact for now, and the pair appears to be respecting it. As such, further upside looks likely unless we see a break below the $1.1104 support level.
GBP/USD regaining ground from trendline support
GBP/USD is on the rise following a decline into trendline support. Yesterday's decline in inflation did provide markets with yet another reason to look for a rate cut this month, yet we are still starting to see the pair rise once again over the past two days.
That being said, we would need to see a break through the $1.31 level to bring about a more bullish short-term outlook, with trendline resistance up ahead today. To the downside, we would need to see $1.2904 broken to negate the wider uptrend that has been playing out over the past three months.
AUD/USD pushing higher after recent declines
AUD/USD has similarly been turning higher after a deep retracement that came close to the crucial $0.6838 swing low.
Should we have broken that level, things would be looking more bearish. However, we are regaining ground now, and the recent pullback that has dominated this week appears to be over. Watch for a break through the $0.692 level to confirm this bullish break, yet it does look likely that we see further upside over the short term.
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.
