EUR/USD, GBP/USD and AUD/USD expected to gain further
EUR/USD, GBP/USD, and AUD/USD look likely to gain further despite short-term consolidation.
EUR/USD breaks into fresh two-year high
EUR/USD has continued its rise following last week's Federal Open Market Committee (FOMC) volatility, with the break through $1.1883 ultimately providing a signal that we were likely to continue the bullish trend of recent weeks.
Now that we have seen a new high above $1.1965, there is a chance we could roll back for another wider retracement at some point. However, the key is to follow the short-term trend, with a bullish outlook in play until we see a break below the $1.1925 swing low.
GBP/USD trending higher as we hit multi-month highs
GBP/USD has similarly been on the rise, with the price trading at eight-month highs. Crucially, we are approaching the critical $1.3515 resistance level, where a break above that point would bring about a two-year high.
With the price back at trendline resistance, we could see some weakness come into play over the short term. However, whether we see a short-term pullback or not, a bullish outlook is in play unless the price breaks below the $1.3356 swing low.
AUD/USD consolidating within uptrend
AUD/USD has been consolidating this morning despite significant losses on the ASX 200 in response to the Chinese arrest of a Australian journalist.
Nevertheless, despite continued tensions between the two sides, AUD/USD looks primed for further upside given the uptrend in play over the months. In the short term, we also have a clear uptrend in play, with further upside looking likely unless we see a break through the $0.7366 lows established overnight.
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