EUR/USD, GBP/USD, and AUD/USD fall back towards key support

EUR/USD, GBP/USD and AUD/USD start the week on the back foot, but will we see a rebound from key support?

​EUR/USD declines into key support

EUR/USD has been on the back foot over the past week, with the pair sliding back into the $1.2059 support level. The ability to remain above that level will be key here, with the initial support seen this morning highlighting the fact that we could see a rebound here.

Any short-term rebound would need to rise through the $1.2177 swing high if it to bring back a more bullish trend. With that in mind, the key first question here is whether we see the pair rebound or break the $1.2059 level.

GBP/USD falls back into Fibonacci support

GBP/USD has been on the slide since the rally back into $1.3704 resistance level, with the price subsequently moving into the 61.8% Fibonacci support level.

The trend of higher lows seen of late highlights the potential for another turn upward from either the 61.8% or 76.4% support. With that in mind, a bullish outlook is in play unless price falls back below the $1.3451 swing low.

AUD/USD tumbles into key support after wedge break

AUD/USD has tumbled back into the $0.7666 support level since Thursday's peak, with the recent inability to break through the $0.782 peak raising questions of a potential wider sell-off if we break through support.

The $0.7666-0.7642 support zone is key here, with a break through that area bringing the potential for a wider pullback. Until then, the key question for traders is exactly what the pair does at this crossroads.

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.