EUR/USD, GBP/USD and AUD/USD all rising
A weaker dollar following last night’s FOMC meeting has resulted in gains for EUR/USD, GBP/USD and AUD/USD.
EUR/USD continues to gain
EUR/USD has continued to rally over the past 24 hours, heading back towards $1.089, last seen on Tuesday.
The continued bullish short-term outlook will being $1.097 into view if the price clears $1.09, which acted as resistance in the middle of the month. A reversal below $1.082 would provide a more bearish development. Today’s European Central Bank (ECB) meeting is expected to provide significant volatility, which may provide a possible test of the rising trendline.
GBP/USD remains in rising trend
A steady rising trend is in place for GBP/USD too, although gains over the past day have stalled at $1.248.
In addition, the $1.25 area may provide some resistance. Weakness yesterday found support at $1.24, so a change of trend will need a break below this level. Beyond $1.25, the $1.265 area comes into play.
AUD/USD pushes higher
In common with the equity market, the AUD/USD currency pair continues to see a move higher.
The trend has been a gentle one, with little in the way of retracements over the past 48 hours. The next target is $0.667, the high from early March, with the 200-day simple moving average (SMA) at $0.669 just beyond this.
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