EUR/USD, GBP/USD and AUD/USD roll over as dollar demand returns
EUR/USD, GBP/USD and AUD/USD break below key support, with the dollar coming back in demand amid risk-off sentiment.
EUR/USD starts to roll over amid risk-off sentiment
EUR/USD has managed to break below the crucial $1.1241 support level on Friday, negating the uptrend that has dominated the past month.
That break into a new lower low points towards a fresh bearish phase coming into play for as long as risk assets markets roll over. With the pair turning lower after a shallow rebound on Friday, a break below the $1.1212 low would bring a good bearish sell signal.
GBP/USD breaks below key support level
GBP/USD has also broken below key support, with the declines seen on Friday seeing the key $1.25 level give way.
This could point towards further downside coming into play, with risk-off sentiment looking to benefit the dollar. As such, this short-term bearish outlook holds unless we see a break through the $1.2551 lows.
AUD/USD rolls over as Covid-19 cases rise in Beijing
AUD/USD has broken below the key $0.6799 support level this morning, with the pair hitting the lowest level in almost two weeks.
That points towards further downside coming into play, with fears over a potential rise in Chinese coronavirus cases coming amid a recent breakout in Beijing. The recent break below $0.6799 points towards further downside, with a bearish outlook in play unless we see the price rise through the $0.6912 level.
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
