EUR/USD, GBP/USD and AUD/USD on the rise amid recent consolidation
EUR/USD, GBP/USD, and AUD/USD push higher, but will it be enough to finally see a break from the recent consolidation?
EUR/USD turns lower, with breakout required for next move
EUR/USD once again failed to break from the trend of lower highs and higher lows yesterday, with the pair reversing lower after a rally towards the crucial $1.1849 resistance level. The recent consolidation requires a break through either $1.1849 or $1.1784 to bring about a fresh directional bias.
However, from a wider perspective, the recent weakness does look like a potential retracement of the wider $1.1696-$1.1965 rally. Given the recent rebound from the 76.4% Fibonacci level of that wider move ($1.1759), there is a chance we are currently within a bullish reversal phase. With that in mind, we could start to see the bulls come back into play here, with a drop back below $1.1784 required to negate such a possibility.
GBP/USD back into resistance after recent bottoming
GBP/USD has been on the rise following a rebound from trendline support, with the price having pushed through the $1.3149 resistance level yesterday.
That signals the potential for further upside from here, with a break through the $1.3158 level providing us with a fresh bullish signal for the day.
AUD/USD continues its ascent from trendline support
AUD/USD has been on the rise since dropping into an inside trendline once again yesterday.
The wider uptrend points towards the potential for further upside from here, with a break through the $0.7207 level required to bring about a fresh bullish signal for the pair. Given the bullish trend in play over recent months, a rise through that resistance level could potential bring about an exit from the recent period of consolidation that has dominated the past week.
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.