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. 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.

EUR/USD, GBP/USD and AUD/USD gain ground in early trade

EUR/USD, GBP/USD and AUD/USD on the rise, but questions remain for the Australian dollar despite hawkish RBA stance.

Transcript

EUR/USD awaits breakout from continuation pattern

EUR/USD is trading within a pennant formation, with the pair pausing after the gains seen last week.

To the upside, we do need to keep an eye out for a potential break through the $1.1897 level as a signal that we are set for another leg higher. Meanwhile, a drop back below $1.185 would point towards a deeper pullback coming into play.

GBP/USD turning higher after 76.4% pullback

GBP/USD has started to regain bullish momentum following a retracement into the 76.4% Fibonacci level at $1.3876.

The ongoing uptrend points towards a bullish session ahead, with a positive outlook in play unless the price drops below $1.3843.

AUD/USD back into confluence of resistance

AUD/USD has been on the rise overnight, with a hawkish Reserve Bank of Australia (RBA) stance bringing gains for the Australian dollar.

However, that takes us into the confluence of 61.8% and trendline resistance. With the trend of lower highs in place, this recent grind higher still looks like a potential precursor to further weakness unless the price breaks up through the $0.7503 swing-high.

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

liveprices.javascriptrequired

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.