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 stabilize after recent losses

EUR/USD, GBP/USD and AUD/USD stabilize after a period of declines, but will we see the price reverse upwards or maintain the bearish trend?

EUR/USD on the rise from key support

EUR/USD has started to regain ground after falling back into the March low of $1.1704. The recent trend of lower highs does still remain in play, unless the price rises through the $1.1909 resistance level from late-July.

With that in mind, there is a risk we could see the pair falter once again. Ultimately, the outlook will become clearer once the price breaks through either $1.1704 or $1.1909. Until then, we could see further short-term upside, yet Fibonacci resistance at $1.1831 and $1.1861 provides the key resistance levels to note up ahead.

GBP/USD rising back towards notable resistance

GBP/USD has been on the slide over the course of the past fortnight, with the pair seemingly providing a retracement phase in the wake of the rise through $1.391 resistance.

That break points towards us reversing upwards before long, with an end to this intraday trend of lower highs key to that happening. As such, a break through $1.3888 would bring about a fresh bullish signal for the pair. There is still a good chance of further downside unless the price breaks through $1.3888. Should we see the price rise through that level, it would provide a signal that we will regain a more bullish footing once again.

AUD/USD continues to remain at risk as the price consolidates

AUD/USD has been consolidating for much of the past month, with the recent trendline break simply leading us into another period of sideways the price action.

The subsequent respect of 61.8% Fibonacci resistance around $0.7384 does highlight the potential for another breakdown from here, with a move through $0.7316 bringing greater confidence that we are set for another breakdown for this 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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