EUR/USD, GBP/USD and AUD/USD at risk despite recent rebound
EUR/USD, GBP/USD and AUD/USD look at risk of another bearish turn after a short-term rebound.
EUR/USD consolidates after slump into 15-month low
EUR/USD saw plenty of downside over the course of the past week, with the pair slumping into a fresh 15-month low.
We are starting the new week with consolidation around trendline support, with a chance that we could soon build another upward retracement phase as a result. A push through the $1.1487 level would bring such a rebound into play. Until then, the sell-off remains in play as the price contends with trendline support.
GBP/USD rebound showing signs of weakness
GBP/USD has been attempting to regain lost ground of late, with the price on the rise on Thursday and Friday.
However, the bearish trend does remain intact unless the price pushes up through the $1.3607 swing-high. While the relatively shallow nature of this latest rally brings the potential for further upside here, a break back below 80 on the stochastic would bring risk of another bearish turn for this pair.
AUD/USD starts to regain ground after deep pullback
AUD/USD is on the rise once again this morning, following on from the rebound seen on Friday. The wider pattern of higher lows is worth noting given the latest fall back towards the 76.4% Fibonacci level ($0.7261).
With that in mind, there is a chance we see the pair push higher from here to continue that pattern. However, we would need to see a break up through $0.7431 to bring greater confidence that this rebound will persist. Until then, there is still a good chance of a bearish turn to continue the intraday pattern of lower highs and lows.
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