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 rise from key support

EUR/USD, GBP/USD and AUD/USD start to regain ground after falling back into key support levels.

​EUR/USD consolidates after decline into Fibonacci support

EUR/USD has been consolidating after the recent decline into the 76.4% Fibonacci support level at $1.0821. Given the wider trend of higher lows, there is a good chance that we move higher from here in the near future.

As the price consolidates, we would need to see a break through $1.0896 to move out of this consolidation phase. However, given the ever tightening triangle formation in play over the past month, we ultimately need to see a break through $1.0992 or $1.0768 to signal a break from this current consolidation phase.

GBP/USD losses ease after hitting key support

GBP/USD has also found support on the 76.4% Fibonacci retracement level ($1.2279), with the price starting to move tentatively higher. With the pair still trading within a bullish trend since the March low of $1.1411, there is a chance we start to head higher once more from here.

However, to the downside, a more bearish picture would emerge if we break the $1.2166 support level.

AUD/USD starts to head higher after recent pullback

AUD/USD has been trading within a falling wedge formation, with the pair consolidating off the back of a month-long resurgence. That bullish trend remains intact for now, with the current push higher raising the possibility of a break from this consolidation phase.

Watch for a rally through the $0.6397 level to raise the possibility of a bullish leg higher from here. Until then, the consolidation pattern respected over the past week remains intact.

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.