EUR/USD and GBP/USD drop back as AUD/USD holds steady
Some of the gains of the past few days in EUR/USD and GBP/USD have been given back, while AUD/USD refuses to budge.
EUR/USD struggles below $1.225
Gains have stalled below $1.225 for EUR/USD, so while the price has been able to hold around $1.22 in recent sessions, it now needs to find some upward momentum to avoid a developing negative view.
However, given the size of the bounce from early April, it is possible that this is a consolidation period before a new leg higher. A move above $1.225 could signal when this resolves into a new leg higher.
GBP/USD edges back to trendline support
GBP/USD finds itself at trendline support from mid-May, having fallen back from the new three-year high hit yesterday. Below $1.414, the $1.40 area comes into play, while a renewed bounce targets $1.424 and higher.
AUD/USD stuck in narrow range
AUD/USD has remained frustratingly range-bound in recent sessions, held above $0.77 but unable to move on above $0.775. A continued defence of $0.77 does suggest that the next move will be higher, but there is little sign of this at present.
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
See more forex live prices
Prices above are subject to our website terms and agreements. Prices are indicative only
