EUR/USD and AUD/USD hard hit, with GBP/USD attempting to hold its ground
EUR/USD and AUD/USD suffered sharp losses yesterday, with a stronger dollar weighing on GBP/USD as well.
EUR/USD knocked back to three-week low
Strong US data yesterday put the dollar on the front foot once again, pushing EUR/USD to its lowest level in three weeks.
Buyers will want to push the price back above $1.215 to recover a short-term bullish view, while sellers are hoping that any bounce will be short-lived in order to open the way to further downside, targeting $1.20 in the first instance.
GBP/USD stumbles to $1.41
With the GBP/USD, the dollar found some strength against sterling too yesterday.
However, the downside seems to have slowed as it reaches $1.41, with any potential bounce needing to clear $1.42 to avoid reinforcing the lower high from yesterday.
AUD/USD drops to seven-week low
AUD/USD was shaken out of its complacency to a degree by yesterday’s resurgent US dollar, dropping below $0.77 for the first time since mid-April.
It has found support for now at $0.765, but with lower highs in place since the middle of May a move above $0.775 is needed to restore a more bullish view.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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
