EUR/USD, GBP/USD and AUD/USD consolidate ahead of next move
EUR/USD, GBP/USD and AUD/USD consolidate, with the euro looking likeliest to underperform.
EUR/USD drifts lower as downtrend continues
EUR/USD has been continuing its recent downtrend, with price moving back towards the $1.0827 lows from last Friday.
We have seen precious few signs that this trend is about to come to an end, and thus a bearish outlook remains in play. A rise through the recent high of $1.0861 would bring the potential for a more bullish outlook.
GBP/USD consolidates after recent gains
GBP/USD has been outperforming over the past week, with the pair moving into $1.307 resistance on Thursday. However, we are seeing that resistance level hold for now, as the price consolidates and eases back somewhat.
A break through that resistance point would bring a renewed bullish outlook, yet further short-term downside does look likely until that happens.
AUD/USD regaining ground after recent consolidation
AUD/USD is on the rise, following a period of consolidation that has seen the price tighten above the $0.671 support level. With the price tentatively rising through $0.6731, there is the potential for another leg higher from here.
However, it makes sense to await a more complete break through that level to start expecting any decent surge from here. Until then, the recent consolidation zone of $0.671-$0.6731 remains in play and thus short-term downside looks likely.
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.