FX levels to watch – EUR/USD, GBP/USD, AUD/USD

A quiet start to the week has seen few moves in the FX space, but Friday’s USD strength continues to resonate. 

Australian dollar
Source: Bloomberg

EUR/USD rolling over?

The attempt by EUR/USD to break above the 50-day simple moving average (SMA) of $1.1848 has failed twice over the past two weeks. It now looks as if we have a real shift in momentum, with the price likely to head towards the key $1.1662 level.

A close above $1.19 would be needed to suggest that the pair is headed higher. Below $1.1662 the price could move to $1.1489.

GBP/USD recovers from Friday fall

The uptrend for GBP/USD from the March lows remains intact, with the dip to $1.31 last Friday finding buyers. The resistance levels to watch on the upside are now the $1.3268 and $1.3341 levels.

A failure to move higher would bring $1.31 back into view, and then down to the rising 100-day SMA at $1.3050.

AUD/USD bounces from support

A sharp pullback for AUD/USD on Friday has seen the price test the area below $0.78. Below here, the October low at $0.7750 comes into play.

A rebound needs to clear the $0.79 area, which would then put $0.80 and higher back 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.

Find articles by analysts