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EUR/USD holds firm, while AUD/USD tiptoes higher and GBP/USD remains near the lows

The euro is edging up against the dollar, as is the Aussie, but GBP/USD is stuck fast near recent lows.

EUR/USD trades sideways

Hopes of a recovery are bolstered by EUR/USD price holding $1.125.

However, it will need to break trendline resistance from the late October high, which points towards a rally above $1.132. Bears will continue to look for any short-term strength as a selling opportunity, while a break towards $1.12 and below revives the downtrend.

GBP/USD stuck at the lows

Little has changed here, and GBP/USD price continues to hover around $1.32.

Until the Federal Reserve (Fed) and Bank of England (BoE) meetings are out of the way, the outlook for this pair is clouded, but an overdue rebound towards $1.35 cannot be discounted.

AUD/USD edges up after losses

Bulls have managed to stabilise AUD/USD after the losses of Monday, holding support at $0.709.

If sellers can push the price back below this level a move down to the early December low will be back in prospect. Alternately, bulls will want to see a recovery above $0.718 to put the pair back on an upward footing, within the context of a much broader downtrend.

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.

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