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.

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).

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.

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.

Live #IGForexChat

Put your question to the experts during our live IG Forex Chat.
Streaming on 1 November at 6.30pm (UK time).

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research 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.

Find articles by analysts