EUR/USD, GBP/USD and AUD/USD rally towards key resistance levels
EUR/USD, GBP/USD and AUD/USD regain ground, yet major resistance levels remain unbroken up ahead.
EUR/USD rallies towards key resistance
EUR/USD has been on the rise over the course of the week, with the recent pullback into $1.0768 support bringing about another surge to continue the consolidation seen over the past two months. With the pair turning higher again this morning, it looks likely we will continue this short-term surge to bring the price back into the $1.0991-$1.1018 resistance zone.
From there, we are likely to see the pair start to turn lower once more, with a break back below the prior swing low providing a bearish signal. Until then, it looks bullish for the short term, with the reaction to this upcoming resistance zone likely to prove key.
GBP/USD starts to roll over following period of upside
GBP/USD upside looks to already be coming under pressure, with the price breaking below the overnight low of $1.2234. A break below $1.2184 would add greater confidence to this bearish move, yet the wider trend does look to signal that this current rally is a retracement and likely precursor to further downside.
There is a chance we could see further upside to provide a deeper retracement, yet the roll over in the stochastic does highlight a bearish shift in momentum that could provide short-term downside.
AUD/USD rebounds into key resistance level
AUD/USD gains have taken us into the $0.657 resistance level, bringing about a brief two-month high for the pair. With such an important resistance level in play, the ability to break through this point will determine the direction for the day.
Above this zone, we are looking towards the $0.6685 resistance level as the next notable level to overcome. Meanwhile, to the downside, a break below $0.6403 would bring about a bearish reversal signal.
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