EUR/USD, GBP/USD and AUD/USD medium-term bullish trend reversals confirmed
Last week’s EUR/USD, GBP/USD and AUD/USD weekly chart closes above key resistance confirm medium-term bullish trend reversals.
EUR/USD confirms medium-term bullish trend reversal
EUR/USD is pushing further into its key $1.0461-to-$1.0533 resistance area which needs to be bettered for a medium-term bullish reversal to be confirmed.
Minor remains to be seen along the 55-day simple moving average (SMA) at $1.0402 and also at the 23 January low at $1.0372.
Major support below this week's $1.0281 low remains to be seen at the January-to-February lows at $1.0224-to-$1.0178.
GBP/USD is now medium-term bullish
GBP/USD's weekly chart close above the early February $1.2550 high confirms a medium-term bottoming formation, targeting the $1.3000 region.
Immediate upside pressure should be maintained while last Tuesday's low at $1.2333 underpins.
Minor support is to be found at $1.2550 and at the $1.2524 late January high ahead of the 55-day SMA at $1.2485.
AUD/USD switched from medium-term bearish to bullish
AUD/USD's weekly chart close above the late January high at $0.6330 is medium-term bullish and targets the $0.6850 region.
The $0.6330 January peak has now become support because of inverse polarity. Further minor support may be found around the $0.6302 early January high and along the 55-day SMA at $0.6273.
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
