CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

​EUR/USD, GBP/USD and NZD/USD diverge as NZD shows strength

EUR/USD, GBP/USD and NZD/USD diverge as sterling weakness plays out despite NZD strength.

​EUR/USD consolidates at key support level

EUR/USD has dropped back into the $1.1112 support level this week, with the price now consolidating around that swing low. The fact that we have seen the price fall into that level points towards a likely move lower over the near term.

However, it will depend on whether we see a break below here or not. As such, watch for whether or not we break below $1.1112 to guide today's trade.

GBP/USD drops below key support level

GBP/USD has seen sharp declines throughout the week, with the pair finally breaking below the crucial $1.305 support level. That signals that there is a good chance we will see further downside to come.

For now, the price is held up around the 200 simple moving average (SMA) on the four-hour chart and $1.2985 support level. However, there is a strong chance we will see further downside, with a break through $1.3133 needed to bring about a more positive outlook once more.

NZD/USD back into key resistance

NZD/USD has managed to rally back into the $0.6614 resistance level following a short-term pullback earlier in the week. The wider bullish trend remains intact and thus further gains seem likely.

Watch for a break through $0.6614 to bring about expectations of a rally into $0.6636. Alternatively, a break back below $0.6554 would be required to bring a more bearish outlook.


This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.