EUR/USD, GBP/USD and AUD/USD rebound after recent losses
EUR/USD, GBP/USD, and AUD/USD rally out of recent declines, but will those gains prove fleeting?
EUR/USD declines likely to be precursor to further upside
EUR/USD has started to roll over this morning, following a rally into the 200-hour simple moving average (SMA).
While this could point towards short-term downside, it looks likely we have bottomed out given the recent break through $1.1858 resistance. As such, short-term declines could provide a buying opportunity, with a break back below the $1.1789 level required to negate that outlook.
GBP/USD consolidating within short-term downtrend
GBP/USD has been on the decline since Tuesday's peak, with the price taking back some of the gains seen throughout recent weeks. However, the price appears to have stopped in its tracks over the past 24 hours, with the consolidation continuing into this morning.
As things stand, we have not seen any notable bullish signals, with a break through the $1.3358 level required to bring about such a move. Until then, we could be looking at a mid-trend consolidation, with a break back below $1.3242 providing a bearish continuation signal.
AUD/USD breaking through channel resistance
AUD/USD is on the rise this morning, following a period of downside throughout much of the week. With the price pushing through channel resistance, there is a chance we could be looking at the beginning of another bullish phase.
However, we would need to see a break through levels such as $0.7311 and $0.734 to bring a more confidence bullish view into play.
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