EUR/USD, GBP/USD and AUD/USD uptrend halted by major resistance
EUR/USD, GBP/USD and AUD/USD rally into major resistance zones, with a break higher required to bring bullish continuation signals.
EUR/USD rally takes pair into major resistance zone
EUR/USD has been on the rise of late, with the pair moving into a major long-term descending trendline.
The uptrend still remains intact unless we see a break back below the $1.1696 level, yet this is clearly a consolidation zone that we must exit from to bring a more confident trending market once more. As such, watch for a break through $1.1909 or $1.1696 to signal the next move from here. Given the current uptrend, a break through $1.1909 looks likely.
GBP/USD looks to break through key resistance
GBP/USD has been slowing down in its ascent as it engages with a confluence of both long-term trendline and horizontal resistance ($13170).
With that in mind, a break through this area of resistance would give a bullish continuation signal, while a drop through $1.2981 would bring a bearish outlook for the pair.
AUD/USD continues its ascent as price hits 17-month high
AUD/USD continued its ascent, with the pair tentatively reaching a fresh 17-month high this week.
Yesterday’s gains sought to continue that move, yet overnight weakness hindered the hopes of an imminent breakout. As such, watch for a break through the $0.7243 level to bring about a fresh bullish signal for the pair. Ultimately, the uptrend remains intact until we see a break through the $0.7076 support level.
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.