Put your question to the experts during our live IG Forex Chat.
Streaming on 1 November at 6.30pm (UK time).
GBP/USD and EUR/USD have seen a marginal upside in early trade. However, the dollar looks likely to continue its ascent as we head towards tomorrow’s jobs report.
EUR/USD failed to break below the $1.1335 support level overnight, with the price rallying into trendline resistance.
The declines seen over the past fortnight are likely to be retraced before long, and many will question whether this is the beginning of such a move. However, we would need to see a break above the $1.1421 mark to provide a signal of a wider retracement (of the $1.1622-$1.1335 sell-off).
GBP/USD has turned higher in early trade, with the pair hitting trendline resistance.
There is a strong chance that this is simply another short-term rebound before we see another bearish reversal for the pair. As such, it makes sense to remain bearish unless we break through the $1.2853 swing high.
NZD/USD has managed to rally into the wider 76.4% resistance over the past week, with the price starting to turn lower since.
The bearish breakdown from a rising wedge pattern points towards a possible period of weakness to come from here. As such, a bearish outlook remains in play unless we see a rally above $0.6607.
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.