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 fall into key support​

EUR/USD, GBP/USD and AUD/USD drift lower, yet key support levels stand between this consolidation and another sharp decline.

EUR/USD turning higher from trendline support

EUR/USD has declined into trendline support overnight, with the pair now beginning to gain ground once again. Yesterday's rally took the pair into the $1.1025 resistance level, providing two further touches before turning lower.

With the price having declined back into trendline support, the key signal we are looking for is a break through either the $1.1025 resistance level or below the $1.1007 support level. Given the wider trend, there is a strong likelihood that such a break will come to the downside. However, until that break happens there is also a good chance that we will begin to turn higher following this overnight pullback.

GBP/USD breaking lower, as polls begin to tighten

Tightening election polls have been driving GBP/USD lower, with the pair managing to break below the trendline support this morning. That points towards a likely break below the next support level of $1.2825, with 76.4% Fibonacci support below there.

Should we break both those levels, it would begin to look as if we are going to head into the $1.2769 region to negate the recent break through $1.2976.

AUD/USD consolidates after hitting key support

AUD/USD has declined back into the $0.6769 support level this week, with the pair fleetingly creating a new one-month low on Monday. The continued consolidation above that level highlights the need to await a breakout from this current zone.

A break through the $0.6799 resistance level would provide us with a bullish outlook, while a decline below $0.6769 would provide a bearish 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


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.