FX levels to watch: EUR/USD, GBP/USD and AUD/USD
The euro has leapt higher after finding support at $1.12, while AUD/USD is preparing to challenge the top end of its recent range.
EUR/USD rallies off $1.12
EUR/USD saw strong momentum yesterday, lifting it off the $1.12 level. Fresh gains target $1.13, and then on towards $1.145.
If the $1.12 lows mark a bottom and we have a more bullish view developing, a close back below $1.12 is needed to negate this outlook.
GBP/USD tiptoes higher
There has been some limited upside for GBP/USD, but with an extension to Article 50 still to be granted, hesitation prevails.
However, if the price manages to hold $1.30 then a more bullish view might prevail, targeting $1.32 in the first instance. A close below $1.297 is needed to spark a more bearish view.
AUD/USD tests range top
AUD/USD has returned to the $0.714 area that acted as resistance in the latter half of March.
A close above $0.716 is needed to hand the initiative to the bulls and open the way to $0.72. A failure to hold above $0.716 would suggest the current range remains in place and that a move back to $0.705 is in the offing.
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.