EUR/USD, GBP/USD and AUD/USD reverse losses as dollar comes under pressure

EUR/USD, GBP/USD and AUD/USD regain lost ground, with bullish trends potentially coming back into play.


EUR/USD gains ground yet hurdles remain

EUR/USD has managed to regain ground over the course of the week, with the pair pushing back into the 76.4% Fibonacci retracement level in early trade.

A break through this confluence of trendline and Fibonacci resistance would go a long way to signaling the intention to ultimately break through the $1.219 high and end this recent bearish phase. However, until we do see that $1.219 level broken there is still a potential for us to reverse lower and build on the January declines. A break below the 80 threshold on the stochastic brings greater confidence of that bearish move coming to pass.

GBP/USD continues its ascent after bullish breakout

GBP/USD has broken through trendline resistance this week, with the pair seeking to leave behind the slower paced ascent seen in January.

That rise into a multi-year high provides confidence of further upside to come, with a bullish outlook in play unless price breaks below the $1.368 resistance level.

AUD/USD breaks resistance, bringing chance of bullish return

AUD/USD broken through trendline resistance this week, with the pair threatening to bring a fresh bullish outlook after the recent breakdown.

That trend of lower highs means that we need to see $0.7764 broken to negate the recent downtrend. As such, there is still a chance of us turning lower here, yet the fact that we have broken through trendline and Fibonacci resistance does raise the possibility of a bullish breakout through $0.7764.

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.