EUR/USD, GBP/USD and AUD/USD remain in bullish mode
EUR/USD, GBP/USD and AUD/USD remain on the front foot, although UK election uncertainty has hindered upside for the pound.
EUR/USD pushes into key resistance
EUR/USD has been continuing its recent ascent, with the pair moving within touching distance of the key $1.1179 resistance level.
A break through that point would signal the beginning of another leg higher, with eyes turning to the 61.8% and 76.4% Fibonacci levels of $1.1208 and $1.1286 respectively. Thus, today’s direction of trade is going to be dictated by how we respond to this upcoming $1.1179 resistance level.
GBP/USD eases back into intraday support
GBP/USD has moved into consolidation mode after the gains seen throughout the first half of the week. With the price now failing to create a new higher high or higher low, this can be deemed as a pause for now.
A break below the $1.2925 level would bring about a more bearish short-term perspective, where we begin retracing the rally from $1.2788. Thus, today's outlook will be dictated by the ability or inability to remain above the $1.2925 level.
AUD/USD moves back into confluence of resistance
AUD/USD has managed to regain ground once again, bringing the price back into the region of both descending and ascending trendline resistance. This was enough to send prices lower on Thursday, and thus the question is whether we will see a similar reaction this time around.
Watch for a potential reversal to this region of resistance, with a break through both trendlines needed to bring a bullish picture into play once again. Also watch for the 200-day simple moving average (SMA) for further resistance.
This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.
Start trading forex with insights from Real Vision
Discover a world of cutting-edge financial media from Real Vision, with a year's free subscription when you open and fund an IG account.*
- Exclusive insights from top financial minds, including Mark Cuban, Kyle Bass and Stanley Druckenmiller
- Thousands of videos, covering a massive range of financial topics, with new content released daily
- Easy access to Real Vision in the IG web platform
*Minimum fund of $500 to qualify for Real Vision TV access; minimum fund of $5000 for Real Vision TV, Macro Insider and Think Tank.
Live prices on the most popular forex markets