EUR/USD, GBP/USD and AUD/USD build bullish momentum
EUR/USD, GBP/USD and AUD/USD begin to take on more bullish formations despite prior losses.
EUR/USD consolidating after bullish surge
EUR/USD managed to push into a deeper retracement yesterday, with the break through $1.099 bringing a surge into a new October high. While the pair is starting to weaken, there is a good chance that we will see another leg higher before long.
Keep an eye out for the $1.10 handle as near-term support. However, whether we see that next leg higher or not, the wider bearish trend dictates that this recent rebound is highly likely to be a retracement before we turn lower once more. As such, unless we see the $1.1109 level broken, this current bullish phase is likely to be relatively short.
GBP/USD breaks through key support after Irish talks
GBP/USD has enjoyed a particularly bullish 24 hours, with UK Prime Minister Boris Johnson’s meeting with his Irish counterpart providing grounds for optimism over the possibility of an eventual Brexit deal.
That surge has taken the price through the $1.2412 resistance level, signaling an end to the bearish breakdown from the September head and shoulders formation. As such, we are likely to see further upside come into play before long, with a break through $1.2469 needed to negate the notion that we could see a retracement today.
AUD/USD rallies into key resistance level
AUD/USD has been on the rise towards the end of this week, with the pair building on the base that seems to have been forming after the price declined into the crucial $0.6677 support level.
With that rally bringing us back into the $0.6774 swing high, a push through this resistance level brings about a more optimistic outlook for the coming days. With a wider bearish trend in play, such a rally looks likely to be a retracement of the sell-off from $0.6894. Thus, further upside does look likely, yet traders should keep an eye out for the $0.6809 and $0.6842 Fibonacci resistance levels as potential points of reversal.
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.
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. Please see important Research Disclaimer.
Please also note that 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.
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
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
