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EUR/USD, GBP/USD and NZD/USD gains expected to persist

EUR/USD, GBP/USD and NZD/USD upside looks likely, with recent gains providing a bullish outlook against the dollar.

​EUR/USD turning higher after recent retracement

EUR/USD has been easing back over much of this week, with the pair falling below the 61.8% Fibonacci support level in the process. However, the recent recovery within a consolidation phase does point towards a high likelihood that we see the pair reverse higher before long.

With an ascending trendline in play here, there is a good chance we start to see the pair push higher. As such, a short-term bullish outlook remains unless we see a break below the $1.1219 swing low.

GBP/USD upside looks set to continue

GBP/USD has been on the rise of late, with the pair gaining ground throughout July thus far. That rally has taken us through the $1.2543 swing high, signaling a likely bullish phase coming into play here.

With that in mind, further upside looks likely, with another push higher expected before long. This bullish outlook holds unless we see the price drop below the $1.2438 low established on Friday.

NZD/USD gains ground, yet resistance lies ahead

NZD/USD has managed to outperform of late, with the pair rising through the key $0.6533 resistance level established in late June. That break points towards a likely continuation of the wider bullish trend, with the $0.6585 level now the final hurdle to overcome.

As such, watch for a break through that level to provide a bullish breakout for NZD/USD. Ultimately, a bullish outlook is in play unless we see a break below the $0.6385 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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