EUR/USD, GBP/USD and AUD/USD expected to reverse lower once more
EUR/USD, GBP/USD and AUD/USD see tentative gains, yet further downside looks likely.
EUR/USD consolidating after yesterday’s decline
EUR/USD managed to decline further following early gains yesterday, with the pair ultimately breaking into the lowest level in a week.
We continue to trade within a short-term downtrend that looks to be reversing the gains seen throughout much of October. The shallow nature of this current consolidation looks likely to bring about another round of downside before long. This short-term sell-off is likely to persist, with another leg lower expected unless we see a break above $1.1163.
GBP/USD regaining ground yet bearish play likely to return
GBP/USD is on the rise this morning, despite the political deadlock that appears to be playing out in the UK.
The recent breakdown below trendline and horizontal support pointed towards further downside to come as the pair retraces the recent rebound. As such, watch for another leg lower, with a bullish view only coming back into play with the break through $1.295.
AUD/USD rebounds within short-term downtrend
AUD/USD has similarly been regaining ground this morning, following on from a bearish trend that has dominated much of this week.
This looks like it could bring us into trendline resistance, with that bearish recent trend looks likely to return. With that in mind, we would need to see a break through the $0.6857 to signal the beginning of another bullish stage. Until then, another bearish turn looks likely before long.
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