CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

EUR/USD, GBP/USD and NZD/USD remain within downtrend despite recent gains

EUR/USD, GBP/USD and NZD/USD show potential to move higher, but wider downtrend highlights potential for another move lower.

​EUR/USD maintains its gradual decline for now

EUR/USD has been grinding lower over the course of the past month, with the declines becoming harder to come by as we move closer to the key March low of $1.1704. That lack of momentum does raise the risk of an upside move before long, yet we would need to see the price break out of this trend of lower highs for that to come into play.

With that in mind, the current rise could bring about another retracement after the 76.4% pullback on Thursday. A rise up through that $1.183 level would provide the first sign of a potential bullish reversal. Until then, short-term upside could bring another retracement into play before we continue to grind lower.

GBP/USD rallies into Fibonacci resistance

GBP/USD has been regaining ground since Tuesday’s low, with the price rising into the 61.8% Fibonacci level on Thursday.

The consolidation seen since then could simply set the scene for another move higher today, although we would need to see the price break through the $1.391 resistance level to bring an end to the bearish trend seen over June and July.

NZD/USD consolidates around Fibonacci and trendline resistance

NZD/USD has been consolidating around the 61.8% Fibonacci resistance level of $0.6982, with the price trading within a wider downtrend over the course of the last two months.

​That informs us that we could see the price reverse lower to continue the trend of lower highs. As such, while we could see a short-term rise, we would need to see a rise up through the $0.7044 level to end the trend of lower highs and bring a wider bullish outlook into play.


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
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

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.