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​EUR/USD, GBP/USD and AUD/USD gains start to fade after recent rallies

EUR/USD, GBP/USD and AUD/USD are showing signs of potential impending weakness, as the recent rallies start to lose momentum.

EUR/USD breaks through key resistance

EUR/USD has seen huge gains throughout the week, with the pair rallying through the crucial $1.1111 resistance level. That break points towards further upside, yet the size of that latest surge does raise the risk of a retracement for the short term.

With the price falling back to that $1.1111 level, watch out for whether it holds as support. Otherwise, should we simply push onwards from here, it makes sense to watch for a break through the $1.114 resistance as a bullish breakout signal.

GBP/USD rally continues, yet questions remain

GBP/USD has been surging higher this week, as the prospect of a potential deal has improved sentiment ahead of the European Council summit.

With a Brexit deal finally agreed and the summit underway, market sentiment is now dictated by the markets perception over whether this bill can pass through the UK parliament. Major doubts reman over that issue, hence the inability to maintain the initial gains seen yesterday. For now, the uptrend seen through the week remains intact, pointing towards further upside. A break below $1.2749 would be required to negate this current uptrend.

AUD/USD rallies into Fibonacci resistance

The AUD/USD uptrend has continued this week, with the pair pushing into the highest level in over a month overnight.

The wider bearish trend does remain intact, and thus the lack of momentum around the 76.4% Fibonacci resistance level points towards the possibility of a bearish turnaround today. A break below $0.6814 would be required to bring about a more bearish picture for the short term. Also watch out for a stochastic breakdown below the 80 threshold, signalling a bearish turnaround in momentum.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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