Dollar weakness continues to drive EUR/USD, GBP/USD and AUD/USD higher
Further gains seem likely for key FX pairs as the dollar continues to decline, although signs of weakness in AUD/USD lend a note of caution to proceedings this morning.
EUR/USD prepares to move higher
While the EUR/USD gains have slowed, there has been so outright reversal.
A drift back from $1.18 is already beginning to find support around $1.175, with a new move higher targeting a new high above Wednesday’s peak. Below $1.175, the price heads towards $1.17, where support was found earlier in the week.
GBP/USD still in uptrend
GBP/USD maintains its iron grip on its uptrend, with a drop back from yesterday’s highs raising the possibility of a higher low in due course, potentially around $1.294.
As noted yesterday, there is no sign as yet of any substantial turn lower.
AUD/USD uptrend intact despite trendline break
AUD/USD has dropped below one uptrend, but remains in an overall move higher.
A recovery above $0.716 would likely provide the bullish trigger for those looking to enter new long positions. Further declines target last week’s lows towards $0.706.
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 today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.8 pips on EUR/USD
- Analyze market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on the most popular forex markets