EUR/USD, GBP/USD and AUD/USD decline into key support

EUR/USD, GBP/USD and AUD/USD declines see key levels broken. Will this spark another bearish phase?

EUR/USD consolidates above critical breakdown level

EUR/USD broke below the $1.1097 support level yesterday, raising the chance of a wider bearish picture coming back into play for the pair.

We need to see a drop below the $1.1066 level to bring about a more confident bearish breakdown signal. Thus, it makes sense to watch for a potential break below that $1.1066 level to bring about a wider medium-term sell signal that tallies up with the long-term downtrend in play over the past two years.

GBP/USD turns higher from key support level

GBP/USD is starting to regain ground following a decline into the crucial $1.2954 support level.

A break the $1.2954-$1.2904 support zone would signal a wider bearish picture coming into play. However, with the price turning higher, there is a chance we will build on the rally through $1.3097 seen on Friday.

AUD/USD breaks below critical support level

AUD/USD has been breaking lower since Thursday’s peak, with the pair now slipping below the critical $0.6849 level.

Should we see the price maintain this breakdown, we would be looking at further downside to continue this bearish phase. Ultimately, we appear to have formed a head and shoulders formation over the past month, with further downside looking likely as a result.

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.