FX levels to watch: EUR/USD, GBP/USD and AUD/USD
EUR/USD, GBP/USD, and AUD/USD are showing signs of a bullish reversal, with the dollar coming under pressure after the recent surge.
EUR/USD rebounding from long-term trendline
The wider inside trendline points towards a potential short-term resurgence from here, with the pair expected to see further upside to come. A break below $1.1223 would point towards a possible bearish shift. However, until then further upside looks likely.
GBP/USD decline unlikely to last
However, in all likeliness we are looking at an Article 50 extension which should take some of the heat off the pound. Given the wider uptrend in play over the beginning of the year, a bullish turnaround looks likely before long, with a break below $1.2773 required to negate this bullish outlook.
AUD/USD trading back at key resistance level
AUD/USD has managed to rally into the notable $0.7054 resistance level this morning, marking the potential end of a bearish period for the pair. The drop into and below trendline support could have highlighted a potential for another sharp leg lower from here.
However, that has not come to fruition yet, and with a break through $0.7054, it looks likely we will see a period of upside come into play - even if that is just to kick off a retracement of the $0.7207 sell-off.
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.