EUR/USD, GBP/USD and AUD/USD push higher, yet doubts remain
EUR/USD, GBP/USD, and AUD/USD push higher, yet the bigger question is whether this is simply a breather or the beginning of a bullish shift.
EUR/USD pushes higher after swing-high break
EUR/USD managed to break through the crucial $1.1247 swing high yesterday, as the pair pushes higher off the back of a deep retracement. The bullish breakout through trendline resistance in early June provided us with a bullish wider picture. and that is proving to be the case.
The break through $1.1247 resistance points towards further upside, with a rise through $1.1348 enhancing such a view. While we are consolidating, watch for a break through $1.1317 to bring about the next leg higher. Until then, there is a chance we could post a short-term pullback.
GBP/USD pausing after recent rally
GBP/USD has been gaining ground throughout the week, coming off the back of a break below the crucial $1.2559 support zone.
That break points towards further downside coming into play, yet we have also seen a significant shift towards the pound due to interest rate expectations. As such, there is still a chance of a move lower, yet it is worthwhile noting that a break through the $1.2763 level would bring about a wider bullish view for the pair.
AUD/USD continues to rebound after recent declines
AUD/USD has been regaining ground in the wake of a substantial period of downside. That move lower provided a crucial break below the $0.6865 support level. Thus, until we break through the $0.7021 resistance level, a bearish turnaround looks like a distinct possibility.
This upward retracement could have further legs in it, with the ability to break through $0.6938 key to seeing further upside. Watch for a break below the $0.6912 swing low for a bearish picture to emerge.
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.
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
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 spread betting and CFDs.
Stay on top of upcoming market-moving events with our customisable economic calendar.