FX levels to watch: EUR/USD, GBP/USD and AUD/USD

The bulls have returned to GBP/USD, but the yen is on the back foot against the dollar after weaker Japanese PMI data.

EUR/USD back to key support zone

Dips into the $1.125-$1.13 zone continue to find buyers for EUR/USD, as we saw earlier this week.

This area of support continues to hold, but since the beginning of the year rallies have become increasingly short-lived. A descending triangle has formed over the past six months, and we would need to see a break above $1.147 to suggest that this formation has been broken. Alternately, a break below $1.126 would then target $1.1118.

GBP/USD finds more room to rally

Sterling continues to rally, and a move above yesterday’s $1.31 high would open the way to the January peak at $1.32 for GBP/USD.

Last week saw a higher low created, providing a more positive view for the pair. A move back below $1.295 would be the first step in creating a more bearish view.

USD/JPY in tightening range

The USD/JPY pair finds itself in a triangle formation, as rising support from Friday’s lows clashes with resistance from last Thursday’s highs.

We wait for a break either above ¥110.90 or below ¥110.70 to determine the next move.

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

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.