EUR/USD, GBP/USD and AUD/USD all under pressure
Risk aversion dominates in early trading, as Wednesday’s gains fizzle out and sellers take charge.
EUR/USD struggles as USD strengthens
The continuation of the rally here is in jeopardy as the price of EUR/USD struggles to hold any of the gains made yesterday. A renewed decline below $1.177 would put the sellers in charge and open the way to additional downside.
Buyers will be hoping the price recovers today and moves on above Wednesday’s high above $1.183.
GBP/USD falls back from Wednesday high
Here too the gains of Wednesday with GBP/USD have been reversed. There appears to be little desire to push on above $1.385, with the result that the bullish view has continued to weaken.
The price has not yet conclusively rolled over, so the bearish view has not yet taken pre-eminence, so for now a neutral outlook prevails.
AUD/USD under renewed pressure
AUD/USD continues to give back the gains made in the second half of August. After a small bounce yesterday the sellers are in charge once again, and it looks like further declines towards $0.72 are likely.
Bulls need a rally back above $0.74 to revive the bullish view.
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
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.