EUR/USD, GBP/USD and AUD/USD on the rise amid recent consolidation
EUR/USD, GBP/USD, and AUD/USD push higher, but will it be enough to finally see a break from the recent consolidation?
EUR/USD turns lower, with breakout required for next move
EUR/USD once again failed to break from the trend of lower highs and higher lows yesterday, with the pair reversing lower after a rally towards the crucial $1.1849 resistance level. The recent consolidation requires a break through either $1.1849 or $1.1784 to bring about a fresh directional bias.
However, from a wider perspective, the recent weakness does look like a potential retracement of the wider $1.1696-$1.1965 rally. Given the recent rebound from the 76.4% Fibonacci level of that wider move ($1.1759), there is a chance we are currently within a bullish reversal phase. With that in mind, we could start to see the bulls come back into play here, with a drop back below $1.1784 required to negate such a possibility.
GBP/USD back into resistance after recent bottoming
GBP/USD has been on the rise following a rebound from trendline support, with the price having pushed through the $1.3149 resistance level yesterday.
That signals the potential for further upside from here, with a break through the $1.3158 level providing us with a fresh bullish signal for the day.
AUD/USD continues its ascent from trendline support
AUD/USD has been on the rise since dropping into an inside trendline once again yesterday.
The wider uptrend points towards the potential for further upside from here, with a break through the $0.7207 level required to bring about a fresh bullish signal for the pair. Given the bullish trend in play over recent months, a rise through that resistance level could potential bring about an exit from the recent period of consolidation that has dominated the past week.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.
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
