EUR/USD, GBP/USD and AUD/USD rebound, but will it last?

EUR/USD, GBP/USD and AUD/USD regain ground, yet questions remain over whether this rally will last.

EUR/USD rebounds, yet bears could return

EUR/USD has been seeing some rare gains, with the recent downtrend starting to unravel thanks to a break through 1.0831 resistance.

While we have been pushing higher since then, there is a chance we could see some weakness play out today following a 61.8% Fibonacci retracement in the wake of a decline below 1.0778. With that in mind, a bearish short-term outlook is in play, with a rise through 1.0888 required to continue the recent recovery.

GBP/USD rallies towards key resistance level

GBP/USD has been on the rise over the course of this week, with the pair moving in an impressively consistent trajectory over the past 24 hours.

However, we remain below the 1.1935 level which must be broken to bring about a wider bullish view. Until then, there is a chance we will turn lower again, with a breakdown below trendline support providing that initial bearish signal. With that in mind, watch for whether we see price action break through trendline support, with a rise above 1.1935 required to bring a bullish view into play.

AUD/USD breaks through major resistance level

AUD/USD has broken through the 0.5986 resistance level this morning, with the recent rebound in risk assets benefitting the Australian dollar.

That rise points towards the possibility of further upside, with a break below 0.5865 required to bring about a bearish view once more.

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

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 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.