EUR/USD, GBP/USD, and AUD/USD rise as dollar weakens
EUR/USD, GBP/USD, and AUD/USD surge as we see risk-on sentiment start to take hold ahead of lockdown easing.
EUR/USD reverses higher
This points towards further upside to come, yet the consolidation seen throughout the past two months could limit such short-term gains. With that in mind, a bullish short-term view is in play and a break through the $1.1008 level would be required to bring about a wider exit from this consolidation phase.
GBP/USD surges higher amid risk-on mode
GBP/USD is also surging higher as the haven dollar continues to feel the pressure this morning.
This brings us back towards a crucial area of resistance, with a break through the $1.2296 level seemingly completing a bullish reversal signal. The breakthrough $1.225 resistance does go some way to highlighting the current strength of this pair, yet key hurdles remain. As such, while we could see further short-term upside, a break through the $1.2296 level is required to bring wider bullish connotations.
AUD/USD rallies towards key resistance
AUD/USD is on the rise this morning, with the pair surging into a crucial zone of resistance between $0.6598 and $0.6616.
A break through that zone provides a bullish continuation signal for this pair, as we look to see the wider two-month uptrend carry on. With that in mind, watch out for how we respond to this area of resistance, with a break through $0.6616 providing us with a bullish continuation signal.
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