EUR/USD, GBP/USD and AUD/USD likely to drift lower

EUR/USD, GBP/USD and AUD/USD look set for further downside after recent period of weakness.

EUR/USD continues to decline after double top formation

EUR/USD has been on the slide throughout November thus far, with the pair completing a double top formation in the process.

That decline looks likely to persist until we see otherwise, and thus the consolidation we have seen overnight is likely to resolve with another leg lower. A break through the $1.1043 swing high would be required to negate this bearish short-term outlook.

GBP/USD likely to drift lower despite short-term gains

GBP/USD has been on the rise this week, following on from a period of weakness seen in the first week of November.

However, this rebound looks likely to be a short-term phenomenon before we drift lower once more to continue the trend of the past month. A break through $1.2976 would be required to bring about a wider bullish picture for the pair. Until then, the bears look likely to return before long.

AUD/USD moving lower from trendline confluence

AUD/USD has been on the slide since rallying into a confluence of trendline resistance around the turn of the month.

These declines are likely to persist for now, yet the extended nature of this decline does point towards some sort of upward retracement coming into play at some point. With that in mind, further downside looks likely, unless we see a break through the near-term resistance level of $0.6857.


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.

This information/research prepared by IGA or IGA Group is intended for general circulation. 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 or 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. In addition to the disclaimer above, 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.

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
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Updated
Change

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

Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
China 300
-
-
-
-

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.

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.