​​EUR/USD, GBP/USD and AUD/USD at risk despite recent rebound

EUR/USD, GBP/USD and AUD/USD on the rise, yet recent downtrend points towards another bearish turn before long.


​EUR/USD rallies into Fibonacci resistance

EUR/USD has started to ease back after a rally into the confluence of 76.4% Fibonacci and 100-day simple moving average (SMA) resistance.

The ongoing trend of lower highs provides expectations of another move lower from here. A break up through the $1.1804 resistance level would be required to bring a more neutral outlook, with another move lower looking likely until then.

GBP/USD starts to roll over after recent rebound

GBP/USD has been regaining ground of late, with the pair moving higher after establishing a new one-month low on Friday.

A rise up through the $1.3786 level and trendline resistance would bring a more optimistic outlook. However, until that break occurs, there is a good chance we see another move lower to challenge the key $1.3566 support level once again.

AUD/USD recovery unlikely to last

AUD/USD has enjoyed a strong recovery over the course of the week thus far, with the pair rising back towards the 61.8% Fibonacci resistance level yesterday.

​However, the wider downtrend still remains intact unless the price rises through the 0.7381 resistance level. With that in mind, a bearish outlook holds, with the upcoming Fibonacci resistance zone — at $0.7276 to $0.7316 — providing a key area where we could see the price roll over once again.

IGA, may distribute information/research produced by its respective foreign affiliates 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.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. 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, and 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.

Please see important Research Disclaimer.

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

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.


Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

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.