EUR/USD and AUD/USD looking to break higher as GBP/USD moves back to $1.42
Dollar weakness following US CPI has allowed euro, sterling and Aussie to make headway over the past 24 hours.
EUR/USD resumes its move higher
Dollar weakness has given EUR/USD the strength to push back towards $1.22, with a move above here marking a break higher that could put $1.2254 back into view.
The bearish view has been cancelled out for now following the recovery above $1.215.
GBP/USD back at $1.42
GBP/USD rallied from the $1.41 support zone and is heading back to the $1.42 resistance zone.
This leaves it very much in the position it has held for almost two weeks, with no clear sign yet as to where the next big move will go, either breaking above $1.42 or back below $1.41.
AUD/USD breaks trendline resistance
After registering a lower high earlier the week, AUD/USD has begun to edge up, and indeed has managed to break above trendline resistance.
This might suggest that the run of lower highs has ended and that a break above $0.777 is now in play. This would create a bullish view for the pair after a month of declines. Sellers will want to push the price back below $0.772 to open the way to more losses.
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