EUR/USD, GBP/USD and AUD/USD roll over after latest retracements
EUR/USD, GBP/USD and AUD/USD reverse lower once again, with dollar demand driving bearish reversals after recent upside retracements.
EUR/USD rolling over after shallow retracement
EUR/USD is on the back foot once again, as a sell-off in risk assets drive demand for the dollar. The latest retracement only amounted to a mere 38.2%, with the pair subsequently heading back down into the $1.1563 lows established last week. A break below that level brings about a fresh sell signal, with further downside likely in either case.
A break through the $1.1755 level would be required to negate that bearish view. However, that figure changes to $1.164 if we manage to break this $1.1563 support level.
GBP/USD turning lower following deep pullback
GBP/USD has started to reverse lower once again this morning, with the risk-off sentiment driving this pair back below the $1.3584 level. Coming off the back of a move that saw the pair rise up through the 61.8% Fibonacci resistance level, we are now seeing the bears back in charge.
As such, keep an eye out for further downside from here, with a bearish view in play unless the price breaks through $1.375.
AUD/USD rolling over once again
AUD/USD has similarly managed to rise into a deep retracement, with the pair getting close to the key $0.7316 level. Nonetheless, that resistance level was not broken, and the price instead turned lower from trendline resistance.
The move below $0.7249 brought about a fresh bearish signal for the pair, with another bout of losses expected here. That view holds unless we break through $0.7316 resistance.
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
