Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose. CFDs are complex instruments. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

EUR/USD, GBP/USD and AUD/USD break higher after consolidation phase

EUR/USD, GBP/USD and AUD/USD break into fresh long-term highs, with dollar weakness helping to drive bullish breakouts of all three pairs.

EUR/USD breaks through resistance to bring potential bullish breakout

EUR/USD has managed to break through the $1.1916 resistance level yesterday, with the price hitting a fresh two-year high in the process.

That breakout signals the potential for another bout of gains from here. While the price is easing back this morning, we have the ascending trendline and prior peak to provide support which could limit such short-term weakness. As such, further upside looks likely, with short-term downside likely to be a retracement rather than a lasting reversal.

GBP/USD breakout brings short-term pullback

GBP/USD similarly managed to break into a fresh multi-month high, with the price exiting the recent consolidation phase after rising through the $1.3186 level.

That points towards further upside to come, despite the slight weakness we are seeing in the current candle. While this pullback could bring short-term downside, it is likely that this is simply a short-term retracement before we see the pair move higher once again. As such, a bullish outlook is in play unless we see the price break below the $1.3074 mark.

AUD/USD breaks resistance after trendline rebound

AUD/USD has managed to break into a 18-month high following a rise through the $0.7243 level.

That comes off the back of a rebound from a confluence of trendline support, with the long-term uptrend continuing apace. With that in mind, further upside looks likely, with any pullback deemed a buying opportunity as long as we do not break the $0.7109 level.

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


Prices above are subject to our website terms and agreements. Prices are indicative only

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 forex provider.

Stay on top of upcoming market-moving events with our customisable economic calendar.