EUR/USD, GBP/USD and AUD/USD rise from key support
EUR/USD, GBP/USD and AUD/USD start to regain ground after falling back into key support levels.
EUR/USD consolidates after decline into Fibonacci support
EUR/USD has been consolidating after the recent decline into the 76.4% Fibonacci support level at $1.0821. Given the wider trend of higher lows, there is a good chance that we move higher from here in the near future.
As the price consolidates, we would need to see a break through $1.0896 to move out of this consolidation phase. However, given the ever tightening triangle formation in play over the past month, we ultimately need to see a break through $1.0992 or $1.0768 to signal a break from this current consolidation phase.
GBP/USD losses ease after hitting key support
GBP/USD has also found support on the 76.4% Fibonacci retracement level ($1.2279), with the price starting to move tentatively higher. With the pair still trading within a bullish trend since the March low of $1.1411, there is a chance we start to head higher once more from here.
However, to the downside, a more bearish picture would emerge if we break the $1.2166 support level.
AUD/USD starts to head higher after recent pullback
AUD/USD has been trading within a falling wedge formation, with the pair consolidating off the back of a month-long resurgence. That bullish trend remains intact for now, with the current push higher raising the possibility of a break from this consolidation phase.
Watch for a rally through the $0.6397 level to raise the possibility of a bullish leg higher from here. Until then, the consolidation pattern respected over the past week remains intact.
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