EUR/USD, GBP/USD, and AUD/USD weakness could bring buying opportunity
EUR/USD, GBP/USD and AUD/USD weakness could bring buying opportunities as the dollar looks likely to remain under pressure.
EUR/USD hits four-month high
EUR/USD has managed to break through the $1.1452 resistance level this morning, continuing the uptrend seen through the past month.
The uptrend seen throughout recent weeks provide us with a clear intraday pathway to follow, with a break below the $1.137 level required to bring about a more bearish picture. Until then, further upside looks likely from here.
GBP/USD on the rise after recent declines
GBP/USD has seen a more mixed path over the course of July thus far, with early gains turning into a more choppy period over the week just gone.
A break through the $1.2624-$1.2649 resistance zone would point towards a possible bullish continuation phase coming into play. However, until that happens there is still a chance for further downside to continue this short-term pullback.
AUD/USD strengthening after Fibonacci retracement
AUD/USD has also started to regain ground following some weakness towards the back end of last week.
The respect of the 61.8% Fibonacci support level highlights the potential for another push higher before long, with a break below $6921 ultimately required to break us out of this recent uptrend. As such, another bullish move higher looks likely before long.
This information has been prepared by IG, a trading name of IG Markets 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.
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