EUR/USD, GBP/USD and AUD/USD all rising

A weaker dollar following last night’s FOMC meeting has resulted in gains for EUR/USD, GBP/USD and AUD/USD.

EUR/USD continues to gain

EUR/USD has continued to rally over the past 24 hours, heading back towards $1.089, last seen on Tuesday.

The continued bullish short-term outlook will being $1.097 into view if the price clears $1.09, which acted as resistance in the middle of the month. A reversal below $1.082 would provide a more bearish development. Today’s European Central Bank (ECB) meeting is expected to provide significant volatility, which may provide a possible test of the rising trendline.

GBP/USD remains in rising trend

A steady rising trend is in place for GBP/USD too, although gains over the past day have stalled at $1.248.

In addition, the $1.25 area may provide some resistance. Weakness yesterday found support at $1.24, so a change of trend will need a break below this level. Beyond $1.25, the $1.265 area comes into play.

AUD/USD pushes higher

In common with the equity market, the AUD/USD currency pair continues to see a move higher.

The trend has been a gentle one, with little in the way of retracements over the past 48 hours. The next target is $0.667, the high from early March, with the 200-day simple moving average (SMA) at $0.669 just beyond this.

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.