FX snapshot: GBP/USD, EUR/USD, USD/CAD, AUD/USD

GBP/USD continues to hold its ground, while USD/CAD bulls will be looking to reverse the losses seen yesterday.

GBP/USD eyes $1.52

The currency pair failed to push on from its intraday bounce to $1.52 yesterday, but $1.51 continues to hold the line as support for the time being. Any upside bounce needs to clear $1.5189 and then move towards the $1.5273 area.

The real test of support comes around the June lows towards $1.5090, and for the time being the pair shows no inclination to move below this area, or even below $1.51. 

GBP/USD chart

EUR/USD could drop to a September low

A steady decline yesterday has seen us test the $1.1150 area once again, and while support has been found around $1.1143, it looks as if this will be only a temporary respite before a more extended move to $1.10, the lows of 23 September.

A bounce will need to head back towards $1.1250, with further resistance for the currency pair in store around $1.1340.

EUR/USD chart

USD/CAD could head to C$1.3450

A sharp pullback yesterday put this pair back below C$1.34 once again, but for the time being support has been found at C$1.3278.

If this level is broken then the pair may head towards the 23 September lows at C$1.3250, but with the hourly RSI and MACD bottoming out a bounce towards the intraday pivot at C$1.3355 cannot be ruled out.

A move above here would send us heading back to C$1.3450.

USD/CAD chart

AUD/USD above 200-hour SMA

The bounce in AUD/USD that began on Tuesday is still intact, with intraday resistance at $0.7080 standing in the way of a break towards fresh highs for the week. The price has moved above the 200-hour SMA ($0.7038) once again, bringing to an end the downward move that has prevailed since 22 September.

Further resistance lies towards $0.7150 and then $0.7277, with support coming in at $0.6980 and then $0.6930. 

AUD/USD chart

The information 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 Bank S.A. 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 and as such is considered to be a marketing communication.

Find articles by analysts