EUR/USD, GBP/USD and AUD/USD push higher after recent declines

EUR/USD and GBP/USD turn higher amid recent consolidation. Meanwhile, the AUD/USD is starting to regain ground after sharp declines overnight.

EUR/USD turning higher after Fed sell-off

EUR/USD reversed lower yesterday despite a 25 basis-point (bp) rate cut from the Federal Reserve (Fed).

However, we remain within consolidation mode at the moment with the price turning higher to reverse yesterday's losses. With the price forming lower highs and higher lows, we do not have a particularly clear directional bias for the intraday picture. The wider trend is bearish and that theme is expected to return soon enough. However, for the moment it is worthwhile watching to see if the price can break through $1.1075 to bring about a more bullish short-term picture.

GBP/USD consolidates within recent uptrend

GBP/USD has been in a clear uptrend over the course of September this far, with the price continuing to create higher highs and higher lows.

The pullback seen on Wednesday looks to be another retracement and higher low. With that in mind, further upside is expected from here, with a break below $1.2393 required to bring about a more bearish outlook.

AUD/USD trading sharply lower after support break

AUD/USD sold off overnight with the price finally breaking back below the $0.6831-$0.6822 support zone.

With that out the way, there is a good chance we will see further downside to come before long. With the price currently looking like it could form a bullish engulfing, short-term gains look a distinct possibility. However, that historical zone of support turns into resistance, meaning that we could falter around $0.6822 for another leg lower.


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
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.