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 AUD/USD hit long-term highs as dollar suffers

Dollar has started 2021 under pressure, with EUR/USD, GBP/USD, and AUD/USD breaking into long-term highs.

​EUR/USD on the rise after recent retracement

EUR/USD is on the rise in early trade today, with the recent pullback taking us into the confluence of Fibonacci and standard deviation channel support.

The wider uptrend remains intact until we break from this current trend of higher lows. As such, a bullish outlook holds unless we break below the $1.2152 swing low.

GBP/USD hits 32-month high after Brexit deal

GBP/USD has been gaining ground since the Brexit deal was agreed, with the ability to avoid a no-deal scenario helping to ease the fear surrounding the pound. The four-hour chart highlights how the pair has rallied towards the top end of a standard deviation channel over the course of this latest rise.

With that in mind, there is a chance we could retrace before long, where a break through trendline resistance could signal a less choppy road ahead. To the downside, any short-term downside would likely form a retracement of the rally from $1.3429.

AUD/USD pauses after latest surge

AUD/USD has similarly been on the rise over the final week of 2020, with the pair looking to kick-start the new year in a similarly positive fashion.

That being said, we have seen some consolidation take hold in early trade, with the ability to break up through $0.7742 likely to prove key in determining whether we see a continuation or pullback. To the downside, a break below the $0.7681 level would point towards a retracement of the wider $0.7557-$0.7742 rally taking shape.

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.

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