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​​EUR/USD mixed but GBP/USD and AUD/USD look for gains​

The pound has pushed on to new highs for the year against the dollar, while the Aussie is showing signs of strength.

EUR Source: Bloomberg
Forex United States dollar EUR/USD GBP/USD AUD/USD Euro
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

​​​EUR/USD shaky after ECB decision

​The European Central Bank’s (ECB) 25-basis point (bp) hike failed to drive EUR/USD higher, though it continues to sit around recent highs.

​No serious retracement is yet in play here, and it would need a move below $1.093 to suggest one might develop in the short-term.

For the moment, the bullish view continues to hold sway, with a move towards $1.118 (the April 2022 high) still in prospect.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

​GBP/USD at new 2023 highs

​The price pushed a little higher on Thursday with GBP/USD, and with a bullish daily moving average convergence/divergence (MACD) crossover looming a new leg higher could be underway.

This might then see the pair push on to the May 2022 highs at $1.266. Dips so far have been shallow, with no sign yet of a more significant turn to the downside at hand.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

​AUD/USD looks to move higher

​The price has rallied with AUD/USD, and is now testing the 50-day simple moving average (SMA) once again.

A move above this might help revive a bullish view, and could see the pair push on towards the $0.679 highs that marked the peak back in April. Having fallen back from the February highs there are now signs of stabilisation.

This bullish view would be negated by a move back below $0.66.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

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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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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