FX levels to watch – EUR/USD, GBP/USD, AUD/USD

Renewed pressure on AUD/USD has seen the pair drop below key support, while the pound seems unstoppable at present.

AUD
Source: Bloomberg

EUR/USD pauses for breath

EUR/USD remains well off the highs from the beginning of the week, but it is still holding the rising trend from the November lows.

It has failed to move back above $1.1880, which would clear the way to test the Monday highs, above $1.1950. Meanwhile, a push below Wednesday’s low of $1.1817 would likely signal that the November rally has run its course.

GBP/USD keeps on pushing higher

New higher highs for GBP/USD in the current uptrend, suggest that the sterling bulls are not done yet.

Further gains will target $1.3571, and then $1.3596. A move back below $1.3441 would likely be a bearish development.

AUD/USD turns lower once more

AUD/USD’s drop yesterday put paid to any hope of a bounce from the December 2016 rising trendline, and indeed now it looks like the trendline is acting as resistance.

The next downside target would be around $0.7500, and then down to $0.7364, and $0.7310. A push higher needs to clear $0.7644, and would then target $0.7748.

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.