EUR/USD edges higher, GBP/USD falls back and AUD/USD moves sideways

A revival in risk aversion has hit GBP/USD, while the Aussie dollar is struggling to make headway against the greenback.

EUR/USD still in uptrend

The rally continues for EUR/USD, although a firm move through the $1.136 peak still eludes the price. If a higher low is created today then we may see a fresh push higher that once again challenges the recent highs.

A move below $1.13 would indicate a move back towards the $1.126 low from last Friday, which would start to indicate a more bearish view is beginning to prevail.

GBP/USD rally stumbles

The bounce for GBP/USD is finally seeing some real weakness, as the price drops below last Friday’s higher low and pushes down towards $1.25.

A rebound from oversold levels may create a lower high and a possible selling opportunity, although a rebound back above $1.26 and the 50-hour simple moving average (SMA) would revive the bullish view.

AUD/USD moves into sideways pattern

AUD/USD has shifted from uptrend mode into a consolidation pattern, with rallies towards $0.70 hitting resistance but support holding around $0.693.

A decisive break either to a new higher high or below support to a new low is required to establish a new direction.

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

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.