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 look primed for another push higher

EUR/USD, GBP/USD and AUD/USD look to continue its recent uptrend, with a brief pause in looking likely to result in another move higher here.

EUR/USD rising back into Fibonacci resistance

EUR/USD has been consolidating of late, with the price struggling to break through the confluence of the 200-day simple moving average (SMA), 61.8% Fibonacci, and late-August low of $1.1664.

A rise through that level would bring about a likely move back towards the 76.4% Fibonacci resistance level of $1.1701. However, the wider downtrend does point towards a potential period of weakness in the not to distance future. A break below the latest swing long (currently $1.1617) would bring that wider bearish trend back into play.

GBP/USD on the rise after recent pullback

GBP/USD has been gaining ground over much of the past month, with the price pushing towards the crucial $1.3913 resistance level. A break-up through that September peak would end the wider trend of lower highs that has been playing out in recent months.

The move back below $1.3742 support on Friday does provide a slight warning sign that this recent rally could start to roll over. However, it makes sense to watch for a closed candle below those levels to bring greater confidence that such a move is coming into play. Until then, the short-term uptrend looks likely to remain dominant.

AUD/USD turning higher after retracement phase

AUD/USD has been an outperformer of late, with the price rising through $0.7478, resistance to bring about a three-month high on Thursday.

With the price having been on the back-foot since that Thursday high, we are seeing the price start to turn higher once again here. A rise through the $0.7512 resistance level brings a signal that we are set to push back towards that peak of $0.7546. As such, a bullish outlook holds unless the price breaks back below the $0.7378 swing low.

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.

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