Skip to content

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

FX levels to watch – EUR/USD, GBP/USD, AUD/USD

Dollar weakness is seeing EUR/USD and GBP/USD push higher, yet with the AUD/USD pair moving lower, it is clear that the AUD is weighing more heavily than USD in early trade.

EUR/USD
Source: Bloomberg

EUR/USD wedge points to further upside

EUR/USD has sold off this morning, following on from a bullish breakout overnight.

The rally through trendline and swing high ($1.1784) resistance provides a short-term bullish outlook, which would be negated with a break back below $1.1759. As such, short-term weakness would look like providing us with a more advantageous buying opportunity.

EUR/USD price chart

GBP/USD breaks key resistance level

GBP/USD has broken through the notable $1.3230 level, providing the pair with a new high, and a signal that the range of the past month remains intact.

While we could see some sort of short-term retracement, as long as we do not see a break below, $1.3135 would be required to negate the short-term bullish view. 

GBP/USD price chart

AUD/USD continues to fall despite dollar weakness

AUD/USD is breaking lower yet again this morning, with the pair falling sharply in the early hours.

The downtrend remains clear, with the creation of lower highs and lower lows remaining intact. Therefore, rallies remain there to be sold into, with a break up above $0.7608 required to negate the downtrend.

AUD/USD price chart

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.

Find articles by writer