EUR/USD and GBP/USD falter but AUD/USD keeps pushing higher
A stronger US dollar is hitting EUR/USD and GBP/USD, but AUD/USD is still attempting to push higher.
EUR/USD pushes lower again
The sellers appear to be in control in EUR/USD once more, as the price drops down further, having already lost ground over the past two sessions.
The loss of trendline support early yesterday was a signal that more weakness may be on the way, with further downside heading towards $1.083. A recovery back above $1.093 would help to negate the more bearish view and put the pair back on a path to challenge $1.10.
GBP/USD heading down after trendline break
The resurgence of the US dollar has dealt a major blow to the rally in cable over the past month, and may well signal that it is at an end. Like EUR/USD, the price of GBP/USD has dropped below rising trendline support and the bounce from Monday’s lows is now in the process of creating a lower high at $1.248.
Further declines below $1.24 bring $1.232 and $1.225 into view. Alternatively, the price needs to recover $1.25 to revive the bullish view.
AUD/USD looks to continue recovery
The AUD/USD pair has closed the weekend gap down and is busily attempting to recover more of the gains lost since last Thursday.
Having established a higher low at $0.6375 the price has pushed higher, but now needs to move on to clear $0.6475 to challenge the highs of last week above $0.655. With stochastics looking as if they are about to roll over, some bearish momentum may develop, bringing Monday’s lows at $0.6375 into play once again.
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.
