EUR/USD, GBP/USD, and AUD/USD declines provide potential buying opportunity
EUR/USD, GBP/USD, and AUD/USD weakness provides a potential buying opportunity given recent uptrends.
EUR/USD starts to ease back within uptrend
EUR/USD has drifted lower overnight, following the latest push higher for a pair that has clearly enjoyed plenty of upside over recent months.
That uptrend does still remain intact here, with the latest pullback looking like a retracement of the rally from the $1.2224 swing low. A break below that level would bring a wider retracement into view. However, until that break occurs, another move higher looks likely from here.
GBP/USD retraces as Brexit talks reach crucial period
GBP/USD been outperforming over the course of the week thus far, with last Sunday's deadline providing a decision to continue talks. Those talks seem to have made headway over the course of the week, yet time is running thin.
Another deadline has been mentioned for this coming Sunday, meaning we are likely to see a significant gap over the weekend. The hourly chart highlights a clear uptrend playing out over the course of the week. However, with price retracing into the 61.8% Fibonacci retracement level, there is a good chance we will see the bulls come back into play from here. A break below the $1.3451 level would be required to negate that bullish short-term outlook.
AUD/USD pullback unlikely to last
AUD/USD has been losing ground since yesterday’s peak of $0.764, with the price moving back towards the previous breakout level of 0.7578.
The wider uptrend points towards this being a likely retracement precursor to further upside. As such, further short-term weakness would be deemed a buying opportunity unless the price breaks $0.7539 support. Watch out for Fibonacci and trendline support as potential buying areas should the price fall further.
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.
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
- Forex
- Shares
- Indices
