Put your question to the experts during our live IG Forex Chat.
Streaming on 4 October at 6.30pm (UK time).
The dollar has gained prominence following on from the FOMC meeting, with EUR/USD, GBP/USD and AUD/USD all tumbling.
EUR/USD managed to break below trendline support, bringing about a retracement phase for the pair.
For the time being this looks like a retracement of the rally from $1.1526, thus pointing towards a possible rebound from $1.1594. However, should we break below $1.1526 then things begin to look increasingly like we would be retracing the wider rally from $1.13.
GBP/USD has tumbled towards the critical $1.3054 support level, following a rebound into the 61.8% retracement.
The ability to break below that level would confirm both a lower high and lower low for the pair. As such, watch for a break and closed candle below that level to pave the way for further downside.
AUD/USD has been turning lower since the Federal Open Market Committee (FOMC) meeting, with the price having briefly rallied into the 76.4% retracement.
The wider context points towards further downside to come, with any rebound likely to be short-term in nature. As such, a bearish outlook remains unless we see a break above $0.7315.
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.