EUR/USD, GBP/USD and AUD/USD rise towards key resistance
EUR/USD, GBP/USD and AUD/USD rise towards key resistance, as the dollar comes under pressure.
EUR/USD pushing higher as consolidation phase continues
EUR/USD managed to reverse higher once again last week, continuing the consolidation phase that has been in play for a month now. With the price rising back into the $1.1302 resistance level, there is a chance we could see another short-term pullback as we continue the trend upwards towards the $1.1353 resistance level.
That level looks like a sensible target for this short-term rise, with the price ultimately needing to break through that key resistance level to bring about a more sustainable bullish bias. To the downside, we would need a break through $1.1219 to signal another return to $1.1168-$1.1185 resistance.
GBP/USD rises towards key resistance level
GBP/USD has seen significant upside over the past week, with the pair rallying from 76.4% Fibonacci support to move within touching distance of the crucial $1.2543 swing high.
A break through that level would bring a more bullish wider picture into play, negating the downtrend seen throughout the final three weeks of June. With the price turning higher after a pullback on Thursday, the big question is whether we are going to see the $1.2543 level broken or not. The answer to that question will dictate where we go from here.
AUD/USD rallies into key resistance
AUD/USD has similarly been on the rise, with the price rising back into the crucial $0.6975 resistance level. A break through this point would signal a potential continuation of the wider bullish trend.
However, this is also the level which has twice been the source of a bearish turn. As such, the outlook for the day will be determined by whether we see the pair break through or reverse lower from this $0.6975 threshold.
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
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
You might be interested in…
Find out what charges your trades could incur with our transparent fee structure.
Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.
Stay on top of upcoming market-moving events with our customisable economic calendar.