FX levels to watch: EUR/USD, GBP/USD and AUD/USD
The main mover of the morning has been AUD/USD, which is falling after consumer price index (CPI) grew at a slower pace, boosting the possibility of an RBA rate cut.
EUR/USD supported above $1.12
EUR/USD dips into the zone around $1.12 continue to find buyers, as we saw yesterday, but a close below $1.118 would be bearish and mark a resumption of the downtrend seen since January.
A close above $1.127 is needed to suggest that a reversal is in the making.
GBP/USD still under pressure
An attempt yesterday to move back above $1.30 would have provided a more bullish view for GBP/USD, but the turnaround suggests that the sellers remain in control.
Further declines target $1.2773, and then down to $1.2635.
Weaker CPI print sinks AUD/USD
The downward move in AUD/USD has gathered pace, with the pair breaking lower and heading towards $0.7003, the low from early March.
Below this $0.6973 and then $0.6828 are areas of possible support.
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
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.