EUR/USD, GBP/USD, and AUD/USD fall back towards key support
EUR/USD, GBP/USD and AUD/USD start the week on the back foot, but will we see a rebound from key support?
EUR/USD declines into key support
EUR/USD has been on the back foot over the past week, with the pair sliding back into the $1.2059 support level. The ability to remain above that level will be key here, with the initial support seen this morning highlighting the fact that we could see a rebound here.
Any short-term rebound would need to rise through the $1.2177 swing high if it to bring back a more bullish trend. With that in mind, the key first question here is whether we see the pair rebound or break the $1.2059 level.
GBP/USD falls back into Fibonacci support
GBP/USD has been on the slide since the rally back into $1.3704 resistance level, with the price subsequently moving into the 61.8% Fibonacci support level.
The trend of higher lows seen of late highlights the potential for another turn upward from either the 61.8% or 76.4% support. With that in mind, a bullish outlook is in play unless price falls back below the $1.3451 swing low.
AUD/USD tumbles into key support after wedge break
AUD/USD has tumbled back into the $0.7666 support level since Thursday's peak, with the recent inability to break through the $0.782 peak raising questions of a potential wider sell-off if we break through support.
The $0.7666-0.7642 support zone is key here, with a break through that area bringing the potential for a wider pullback. Until then, the key question for traders is exactly what the pair does at this crossroads.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
