EUR/USD and GBP/USD move down as AUD/USD attempts to move higher
Early trading has hit EUR/USD once again, with more modest losses in GBP/USD. Meanwhile, the Aussie is attempting something of a recovery after recent weakness.
EUR/USD in full retreat
The steady decline continues here, as the EUR/USD pair makes a firm move towards levels not seen since the end of October.
Further declines bring $1.162 into view, with this morning’s lurch below the low of the past three sessions confirming the more bearish view. The break back below $1.19 last week provided the spark for this bearish move, and so far there appears to be little sign of any reversal in play at present.
GBP/USD struggles in early trading
Yesterday’s attempt to break above the 50-day simple moving average (SMA) at $1.3838 failed, and this has given the sellers the opportunity to reassert control over the GBP/USD pair and push it slightly lower in early trading.
Should yesterday’s peak form a lower high then further declines can be expected, bringing $1.366 into view again, and potentially resulting in a deeper decline.
AUD/USD edges up from lows
The AUD/USD pair continues the overall move lower, although it has rebounded to an extent from the lower low created last week.
The upward progression of late 2020 and early 2021 has come to an end for now, but if the price can clear trendline resistance from the February peak and push beyond $0.775 then a more bullish view begins to emerge. A failure to clear $0.77 leaves the sellers firmly in charge.
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.
