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 edges higher, GBP/USD falls back and AUD/USD moves sideways

A revival in risk aversion has hit GBP/USD, while the Aussie dollar is struggling to make headway against the greenback.

EUR/USD still in uptrend

The rally continues for EUR/USD, although a firm move through the $1.136 peak still eludes the price. If a higher low is created today then we may see a fresh push higher that once again challenges the recent highs.

A move below $1.13 would indicate a move back towards the $1.126 low from last Friday, which would start to indicate a more bearish view is beginning to prevail.

GBP/USD rally stumbles

The bounce for GBP/USD is finally seeing some real weakness, as the price drops below last Friday’s higher low and pushes down towards $1.25.

A rebound from oversold levels may create a lower high and a possible selling opportunity, although a rebound back above $1.26 and the 50-hour simple moving average (SMA) would revive the bullish view.

AUD/USD moves into sideways pattern

AUD/USD has shifted from uptrend mode into a consolidation pattern, with rallies towards $0.70 hitting resistance but support holding around $0.693.

A decisive break either to a new higher high or below support to a new low is required to establish a new direction.

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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