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

Markets look on as the dollar weakens, continuing the uptrend for the euro, sterling and the Aussie.

EUR/USD keeps on rallying

EUR/USD got close to $1.23 yesterday, with the bullish move firmly intact. If it closes above $1.21 this month, then we have a firm break above the highs from September.

This would bring the January 2012 low at $1.2624 into play. If this downside move accelerates, we would look towards support at $1.21. 

GBP/USD hits fresh high

We saw the $1.38 level broken for the first time since June 2016, as the rally goes on for GBP/USD.

A drop towards $1.3650 would likely see more buying pressure emerge, and even a dip down to $1.35 would still be a higher low in the current uptrend. 

AUD/USD eyes up 2017 highs

Like the other two pairs, AUD/USD continues to rally, although it has yet to clear the 2017 high at $0.8125.

However, this looks like a matter of time. Support is possible around the $0.78-$0.7850 area, and below this, $0.7750 comes into play. 

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.