EUR/USD, GBP/USD and AUD/USD expected to fall once again
EUR/USD, GBP/USD and AUD/USD regain ground, yet the bearish trend remains in play.
EUR/USD turning lower after deep retracement
EUR/USD gains seen this morning are starting to falter, following a rise into the 61.8% Fibonacci retracement level.
With that in mind, the downtrend seen throughout the past week looks likely to continue apace as long as the pair remains below the $1.0831 swing high.
GBP/USD expected to continue downtrend despite rebound
GBP/USD gains provided us with a higher low on Friday, weakening the wider bearish trend in play. However, despite that break it is likely we are going to see another leg lower before long, with the shallow rally seen this morning expected to represent a precursor to further downside.
Given the size of the wider downtrend, we would need to see a break through $1.2129 to bring about a bullish picture for this pair. Watch for a breakdown below $1.1555 to bring about a bearish confirmation signal.
AUD/USD rebound unlikely to last
AUD/USD has also seen some upside since Thursday's low.
We would need to see a break through the $0.6029 swing high to bring about a more bullish outlook for the pair, with the current consolidation likely to bring another leg lower. Watch for a break below $0.57 to confirm that bearish short-term outlook.
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. 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. See full non-independent research disclaimer.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
