EUR/USD, GBP/USD and AUD/USD gain ground in early trade
EUR/USD, GBP/USD and AUD/USD on the rise, but questions remain for the Australian dollar despite hawkish RBA stance.
EUR/USD awaits breakout from continuation pattern
EUR/USD is trading within a pennant formation, with the pair pausing after the gains seen last week.
To the upside, we do need to keep an eye out for a potential break through the $1.1897 level as a signal that we are set for another leg higher. Meanwhile, a drop back below $1.185 would point towards a deeper pullback coming into play.
GBP/USD turning higher after 76.4% pullback
GBP/USD has started to regain bullish momentum following a retracement into the 76.4% Fibonacci level at $1.3876.
The ongoing uptrend points towards a bullish session ahead, with a positive outlook in play unless the price drops below $1.3843.
AUD/USD back into confluence of resistance
AUD/USD has been on the rise overnight, with a hawkish Reserve Bank of Australia (RBA) stance bringing gains for the Australian dollar.
However, that takes us into the confluence of 61.8% and trendline resistance. With the trend of lower highs in place, this recent grind higher still looks like a potential precursor to further weakness unless the price breaks up through the $0.7503 swing-high.
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