EUR/USD, GBP/USD and NZD/USD gains expected to persist
EUR/USD, GBP/USD and NZD/USD upside looks likely, with recent gains providing a bullish outlook against the dollar.
EUR/USD turning higher after recent retracement
EUR/USD has been easing back over much of this week, with the pair falling below the 61.8% Fibonacci support level in the process. However, the recent recovery within a consolidation phase does point towards a high likelihood that we see the pair reverse higher before long.
With an ascending trendline in play here, there is a good chance we start to see the pair push higher. As such, a short-term bullish outlook remains unless we see a break below the $1.1219 swing low.
GBP/USD upside looks set to continue
GBP/USD has been on the rise of late, with the pair gaining ground throughout July thus far. That rally has taken us through the $1.2543 swing high, signalling a likely bullish phase coming into play here.
With that in mind, further upside looks likely, with another push higher expected before long. This bullish outlook holds unless we see the price drop below the $1.2438 low established on Friday.
NZD/USD gains ground, yet resistance lies ahead
NZD/USD has managed to outperform of late, with the pair rising through the key $0.6533 resistance level established in late June. That break points towards a likely continuation of the wider bullish trend, with the $0.6585 level now the final hurdle to overcome.
As such, watch for a break through that level to provide a bullish breakout for NZD/USD. Ultimately, a bullish outlook is in play unless we see a break below the $0.6385 low.
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