Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

EUR/USD, GBP/USD and AUD/USD gains likely to persist

EUR/USD, GBP/USD and AUD/USD look set for further upside despite short-term consolidation.

Video poster image

​EUR/USD pullback unlikely to last

EUR/USD has been on the rise over the course of the past fortnight, with the declines seen on Friday providing the latest in a number of retracements. While this has been sharper than many of the predecessors, that is a function of the steep rise we saw on Thursday.

With the pair falling back into the lower end of a standard deviation channel, there is a good chance we will turn higher before long, with a bullish outlook in play until we break below the $1.1195 level.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD uptrend remains in play

GBP/USD has been on the rise over the past week, with the pair pushing into the highest level in almost three months. The rally through $1.2648 and 200-day simple moving average (SMA) resistance points towards further upside to come, with the continued creation of higher lows key to that.

As such, the intraday uptrend continues to hold as long as price does not break below $1.2661. However, should that occur it would likely point to a wider retracement of the rally from $1.25 coming into play. A bullish outlook remains play despite the break below trendline support. However, the short-term picture could become bearish if the price breaks $1.2661.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

AUD/USD looks set for further upside after recent consolidation

AUD/USD has been slowing down somewhat, as we approach the notable $0.7032 resistance level. The uptrend remains in play despite this consolidation, with the pair turning higher once more.

With that in mind, further upside looks likely, with a break below $0.6949 required to start chipping away at bullish sentiment that is evident for this pair. Keep an eye out for how we respond to the $0.7032 resistance level as a key determinant of how we move forward.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

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

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

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 Tuesday 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.