EUR/USD, GBP/USD and NZD/USD gains expected to persist
EUR/USD, GBP/USD and NZD/USD upside looks likely, with recent gains providing a bullish outlook against the dollar.
EUR/USD turning higher after recent retracement
EUR/USD has been easing back over much of this week, with the pair falling below the 61.8% Fibonacci support level in the process. However, the recent recovery within a consolidation phase does point towards a high likelihood that we see the pair reverse higher before long.
With an ascending trendline in play here, there is a good chance we start to see the pair push higher. As such, a short-term bullish outlook remains unless we see a break below the $1.1219 swing low.
GBP/USD upside looks set to continue
GBP/USD has been on the rise of late, with the pair gaining ground throughout July thus far. That rally has taken us through the $1.2543 swing high, signalling a likely bullish phase coming into play here.
With that in mind, further upside looks likely, with another push higher expected before long. This bullish outlook holds unless we see the price drop below the $1.2438 low established on Friday.
NZD/USD gains ground, yet resistance lies ahead
NZD/USD has managed to outperform of late, with the pair rising through the key $0.6533 resistance level established in late June. That break points towards a likely continuation of the wider bullish trend, with the $0.6585 level now the final hurdle to overcome.
As such, watch for a break through that level to provide a bullish breakout for NZD/USD. Ultimately, a bullish outlook is in play unless we see a break below the $0.6385 low.
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.