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

Dollar comes under pressure, with EUR/USD, GBP/USD, and NZD/USD all gaining ground as they break or approach key resistance levels.

EUR/USD breaks through trendline support

EUR/USD has been losing ground over the course of the past fortnight, with the pair falling below the 76.4% Fibonacci support level.

The prior rally through $1.1419 pointed towards a strong chance of a higher low coming into play here. Thus, a bullish turn above the $1.1176 level remains a possibility despite the drop below $1.124. With the price having rallied through trendline resistance, we are seeing a more bullish picture come to the fore here. Watch for a break through $1.1246 as another bullish signal, with further upside looking likely should that occur.

GBP/USD rebounds ahead of indicative votes

GBP/USD has a volatile day ahead, with the manufacturing purchasing managers index (PMI) released ahead of today’s second round of indicative votes at Parliament.

The drop below the $1.3004 level points towards a possible wider bearish picture coming into play, where a bearish picture remains unless the pair rally above $1.3135 resistance.

NZD/USD rallies above notable resistance level

NZD/USD has managed to rally through the $0.6828 resistance level, paving the way for a wider rebound.

This year has seen the continued creation of higher lows, and with the price starting to reverse higher rather than breaking below $0.6745, it looks likely that this wider trend will continue. As such, a bullish outlook is in play unless we see a break through $0.6774.

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
Sell
Buy
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sell
Buy
Updated
Change

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

Sell
Buy
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
China 300
-
-
-
-

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.