EUR/USD, GBP/USD and AUD/USD push higher after recent declines
EUR/USD, GBP/USD and AUD/USD start to regain ground after recent declines.
EUR/USD consolidates after recent pullback
EUR/USD has been on the slide overnight, drifting lower after a surge which took the pair into a peak of $1.1172 yesterday. The uptrend seen throughout recent months remains intact, signalling a likely push higher before long.
With the price now back at the 61.8% Fibonacci support level, we are likely to push higher from here. A decline below $1.1104 would be required to negate the recent recovery and highlight the risk of a decline below the all-important $1.1067 level. Should we see such a decline, it would point towards a likely resumption of the long-term downtrend.
GBP/USD rally signals potential resurgence
GBP/USD has been on the rise since Tuesday’s lows, with the pair seemingly having bottomed out at ascending trendline support. The rally into the confluence of $1.3097 and 200 simple moving average (SMA) resistance highlights the potential for a pullback from this point.
However, where we do see a short-term pullback or not, this surge into the $1.3097 swing high points towards a likely resurgence coming into play. This bullish view holds unless we see a break below the $1.2954 level.
AUD/USD declines into trendline support
AUD/USD failed to really gain traction on yesterday’s rally out of consolidation, with the pair falling back into trendline support.
That decline does threaten to break the current bullish intraday picture, with a fall below $0.6877 pointing towards further downside. Until that happens, there is a good chance we see further upside from here to continue the uptrend seen since October.
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.
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.
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
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.