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FX levels to watch: EUR/USD, GBP/USD and NZD/USD

GBP/USD and EUR/USD have seen a marginal upside in early trade. However, the dollar looks likely to continue its ascent as we head towards tomorrow’s jobs report.

IG Analyst

Publication date : 2018-10-31T09:59:32+0000

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EUR/USD attempts to stabilise after recent decline

EUR/USD failed to break below the $1.1335 support level overnight, with the price rallying into trendline resistance.

The declines seen over the past fortnight are likely to be retraced before long, and many will question whether this is the beginning of such a move. However, we would need to see a break above the $1.1421 mark to provide a signal of a wider retracement (of the $1.1622-$1.1335 sell-off).

EUR/USD chart

EUR/USD chart

EUR/USD chart

GBP/USD rallies into trendline resistance

GBP/USD has turned higher in early trade, with the pair hitting trendline resistance.

There is a strong chance that this is simply another short-term rebound before we see another bearish reversal for the pair. As such, it makes sense to remain bearish unless we break through the $1.2853 swing high.

GBP/USD chart

GBP/USD chart

GBP/USD chart

NZD/USD turning lower from Fibonacci resistance

NZD/USD has managed to rally into the wider 76.4% resistance over the past week, with the price starting to turn lower since.

The bearish breakdown from a rising wedge pattern points towards a possible period of weakness to come from here. As such, a bearish outlook remains in play unless we see a rally above $0.6607.

NZD/USD chart

NZD/USD chart

NZD/USD chart

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