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 pullback fails to break bullish trend

EUR/USD, GBP/USD, and AUD/USD gain ground after recent retracements, with uptrends in play unless we see otherwise.

EUR/USD turning higher after Fibonacci retracement

EUR/USD has started to reverse higher once again following a decline into the 61.8% Fibonacci retracement level.

With a clear uptrend in play here following the break through $1.1916, there is a good chance we will see another move higher before long. However, this bullish outlook would be negated with a break back below the $1.1711 support level.

GBP/USD rebounds towards resistance after deep pullback

GBP/USD has been on the rise after a decline into the 76.4% Fibonacci support level yesterday.

Given the wider uptrend in play, further upside does look likely before long, with a rise through the $1.3267 level bringing about a fresh bullish breakout signal for the pair. We would ultimately need to see a break below the $1.3005 swing low to negate this bullish outlook.

AUD/USD drops back into trendline support

AUD/USD has seen sharp declines through the latter part of the week, with the pair moving back into the inside trendline support once again.

That trendline is going to be key in determining whether we are set for a period of weakness or not. With a clear uptrend in play, there is still a good chance we will see the pair turn higher from here. However, a break below the $0.7109 support level would bring about a fresh bearish short-term view for the pair.

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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