FX levels to watch – EUR/USD, GBP/USD, AUD/USD

Markets look on as the dollar weakens, continuing the uptrend for the euro, sterling and the Aussie.

EUR/USD keeps on rallying

EUR/USD got close to $1.23 yesterday, with the bullish move firmly intact. If it closes above $1.21 this month, then we have a firm break above the highs from September.

This would bring the January 2012 low at $1.2624 into play. If this downside move accelerates, we would look towards support at $1.21. 

GBP/USD hits fresh high

We saw the $1.38 level broken for the first time since June 2016, as the rally goes on for GBP/USD.

A drop towards $1.3650 would likely see more buying pressure emerge, and even a dip down to $1.35 would still be a higher low in the current uptrend. 

AUD/USD eyes up 2017 highs

Like the other two pairs, AUD/USD continues to rally, although it has yet to clear the 2017 high at $0.8125.

However, this looks like a matter of time. Support is possible around the $0.78-$0.7850 area, and below this, $0.7750 comes into play. 

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.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.