EUR/USD, GBP/USD and AUD/USD on the rise, with key resistance up ahead

EUR/USD, GBP/USD and AUD/USD on the rise, but key resistance remains to be broken.

EUR/USD rallies into key confluence of resistance

EUR/USD has started fading somewhat after a rally into the confluence of a descending trendline and the 76.4% Fibonacci retracement level at $1.1851. With a wider bearish trend in play, there is a good chance we will see the pair reverse lower before long.

A move back below the $1.1735 level brings greater confidence of a bearish reversal for the pair. To the upside, a rise through the $1.1851 Fibonacci level would be required to signal a potential push towards the crucial $1.1908 level.

GBP/USD falls back from trendline resistance

GBP/USD has been on the back foot over the past 24 hours, with the price easing back from the confluence of trendline and 76.4% Fibonacci resistance.

That has taken us back into an ascending trendline, with the price starting to regain ground around that level. A break below the $1.368 level would be required to bring about a more bearish outlook for the pair.

AUD/USD continues to push back towards key resistance

AUD/USD has continued its upward trajectory, with the pair pushing towards the notable $0.7381 resistance level. However, it is worthwhile watching out for the 76.4% Fibonacci resistance at $0.7351.

Ultimately, we will need to see the likes of $0.7381 and $0.7426 taken out to bring about a fresh wider bullish outlook. Until then, keep an eye out for a potential bearish turn from these levels, with a break below $0.7302 bringing greater confidence of such a move.

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
liveprices.javascriptrequired
liveprices.javascriptrequired

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

liveprices.javascriptrequired

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.