EUR/USD, GBP/USD and AUD/USD likely to drift lower

EUR/USD, GBP/USD and AUD/USD look set for further downside after recent period of weakness.

EUR/USD continues to decline after double top formation

EUR/USD has been on the slide throughout November thus far, with the pair completing a double top formation in the process.

That decline looks likely to persist until we see otherwise, and thus the consolidation we have seen overnight is likely to resolve with another leg lower. A break through the $1.1043 swing high would be required to negate this bearish short-term outlook.

GBP/USD likely to drift lower despite short-term gains

GBP/USD has been on the rise this week, following on from a period of weakness seen in the first week of November.

However, this rebound looks likely to be a short-term phenomenon before we drift lower once more to continue the trend of the past month. A break through $1.2976 would be required to bring about a wider bullish picture for the pair. Until then, the bears look likely to return before long.

AUD/USD moving lower from trendline confluence

AUD/USD has been on the slide since rallying into a confluence of trendline resistance around the turn of the month.

These declines are likely to persist for now, yet the extended nature of this decline does point towards some sort of upward retracement coming into play at some point. With that in mind, further downside looks likely, unless we see a break through the near-term resistance level of $0.6857.

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

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. All share prices are delayed by at least 20 minutes. Prices are indicative only.

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.