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 rally towards major breakout levels

EUR/USD, GBP/USD, and AUD/USD rally towards major resistance levels, with breakout required to signal potential bullish continuation.

EUR/USD continues its climb to consolidation resistance

EUR/USD has managed to continue its ascent, with the pair moving back into the top end of a consolidation phase that has been playing out over the recent weeks.

With a long-term descending trendline in place around these levels, we need to see a break through this $1.1916 level to bring about a fresh bullish breakout signal for the pair. Until that happens, there is still a chance we start to reverse lower from here given the importance of this resistance zone.

GBP/USD rallies into major resistance level

GBP/USD has been on the rise overnight, with the pair pushing back towards the crucial $1.3186 level ahead of Brexit talks.

Much like EUR/USD, we have a major multi-year descending trendline coming into play at the top of this consolidation zone. Thus, it makes sense to await a break through $1.3186 if we are looking for longs. Until then, there is a chance we could see the pair deteriorate if such a breakout does not occur.

AUD/USD rebounds from trendline confluence

AUD/USD has continued its rise, following a decline into a confluence of support last week. With the price subsequently pushing through the $0.7188 level, we saw an inverse head and shoulders formation completed to drive us towards the $0.7243 level.

A break through that level would signal a continuation of the wider uptrend, with a fresh 18-month high coming into play. That break does look likely from here, yet it is worth noting that this level is very notable when considering the important resistance in play for EUR/USD and GBP/USD. As such, a break through $0.7243 would bring about a bullish break, pointing towards another leg higher from here.

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

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.