EUR/USD and GBP/USD moves higher stall, as AUD/USD drifts sideways
The bounces in EUR/USD and GBP/USD have stalled, while AUD/USD is still unable to establish a definitive direction.
EUR/USD runs into resistance
It has been a seesaw few days for EUR/USD, although concrete movement has been limited. An attempt to push on towards $1.21 hit selling pressure, while Wednesday’s dip towards $1.20 brought out the buyers.
The strong move higher on Monday revived the bullish view, putting $1.217 into view, with no sign as yet of any reversal in upward momentum that would indicate any move back towards $1.17.
GBP/USD in tight range
After edging back from $1.40, the GBP/USD price has steadied, and as with EUR/USD dip buyers came in to support the price yesterday.
A breakout above $1.40 would be a bullish development, clearing the resistance area in place since mid-March. Alternatively, a reversal targets $1.366 again, where the price bounced in March and April.
AUD/USD continues to drift
AUD/USD has traded sideways for most of the year so far, holding $0.75 but unable to break above $0.78, save for a brief rally in late February.
Tuesday’s bounce hit resistance at $0.78 and the price then stabilised above the 50-day SMA ($0.7722), but further upward momentum has stalled for now. Sellers have been equally frustrated as the price has held $0.77, so for the moment we await a break out of this short-term range.
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
