Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

FX levels to watch – EUR/USD, GBP/USD, AUD/USD

The euro’s brief bounce has subsided, while the Aussie is hoping to break higher and continue its January rally.

Video poster image

EUR/USD bears maintain their grip

Yesterday's EUR/USD rally to $1.20 was rapidly countered by heavy selling, which suggests further downward pressure will materialise.

Earlier in the week, $1.1915 acted as support, so a push through here opens the way to $1.1850 and then $1.1725. However, before this is reached the rising trendline from the November lows comes into play. 

GBP/USD aims for a rebound

Sterling weakness has dominated over the past few days, so we continue to look for more downside for GBP/USD, even within the context of a broader uptrend.

As the price pushes lower, $1.3466 and then $1.3341 come into play. However, the uptrend remains intact, so any higher close would be regarded as creating the new higher low that points towards a fresh rally. 

AUD/USD aims for a breakout

Dip buyers got their chance yesterday, as the price for AUD/USD fell back to $0.7807, before moving on.

An attempt to move above the highs from earlier in the month was defeated overnight, but a close above here would put fresh momentum into the uptrend, with $0.7897 and then $0.7939 coming into view. 

IGA, may distribute information/research produced by its respective foreign marketing partners 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.

This information/research prepared by IGA or IG Group is intended for general circulation. 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 or 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. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.

Find articles by writer

Find out more about