EUR/USD, GBP/USD and AUD/USD tumble amid strong dollar
EUR/USD, GBP/USD and AUD/USD declines continue, with AUD/USD breaking into multi-year lows.
EUR/USD momentum slowing after downtrend
EUR/USD declines have started showing signs of easing, with the price rising through the top of the recent descending standard deviation channel.
This recent consolidation could just play out as a sideways period following on from this consistent selloff. However, there is also a good chance we are due a rebound as we retrace some of that previous weakness. Look for a break through 1.0821 to bring about a more bullish view for the short term. Until that happens, there is a good chance we could just head lower once again to continue this current bearish trend.
GBP/USD heading lower after overnight gains
GBP/USD has been on the rise overnight, with price pushing into a deep retracement zone.
That zone between the 61.8% and 76.4% Fibonacci levels is important here, with the recent bearish trend likely to come back into play. A break through the 1.2925 level would be required to negate the current short-term bearish outlook.
AUD/USD selling ramps up
AUD/USD has seen the selling ramped up after breaking below the critical 0.6671 support level.
That break below key support provides us with a signal of further losses coming into play, and those declines have been consistent in nature. With that in mind, further downside looks likely from here, with a break through 0.6624 providing us with a tentative sign that this decline could be slowing down. However, we would need to see a break through 0.6655 to bring about a more confident view that this decline is over for now. Until then, further declines look likely.
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.