FX levels to watch: EUR/USD, GBP/USD and AUD/USD
A revived US dollar has hit EUR/USD and AUD/USD, with the latter stuck around the lows seen in early February.
EUR/USD still in bearish pattern
The EUR/USD rebound faltered yesterday at $1.134, but for now the fall is abating above $1.132.
A push below $1.131 would mark a resumption of the bearish move, targeting $1.125 and $1.122. Possible near-term resistance would be $1.134 and $1.137, but the bearish move persists unless we see a close above $1.144.
GBP/USD dip buyers get active
GBP/USD has continued its modest pullback, but has found some buyers around $1.315.
If this is a higher low, then a move back towards $1.335 would reinvigorate the current rally. Further declines head towards $1.304 and then $1.295.
AUD/USD stuck around February lows
The Aussie has been little-changed over the past month overall, with AUD/USD repeatedly visiting the $0.707 area. This has continued to hold as support, but the late-February rally faltered around $0.72, so we now have the makings of a descending triangle.
A break below $0.7055 would head $0.6973 and then $0.6828 in the longer term. A bounce needs to clear $0.718 to break the triangle formation.
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.
This information/research prepared by IGA or IGA 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.
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