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 held below resistance as GBP/USD and AUD/USD move up

The rally in GBP/USD shows no sign of slowing, while AUD/USD is also attempting to break higher.

EUR/USD stuck below $1.14

​The small rebound here continues with EUR/USD, although it has yet to break above the late December high.

This still looks more like a consolidation rather than a bigger move to the upside, so long as the $1.14 level remains unbroken. However, a bearish catalyst in price terms has yet to occur.

​GBP/USD counter-trend bounce still flying

The strong bounce of GBP/USD from the lows of December shows no sign of reversing, and for now, the price appears to remain firmly in a bullish view, at least in the short term.

The wider downtrend is still intact, but as yet a new lower high has yet to be created.

AUD/USD rally hits 50-day SMA

The price of AUD/USD has rallied throughout the week, after stabilising around $0.716.

Over the past week or more gains above the falling 50-day simple moving average (SMA) $0.721 have not been sustained, so a daily close above this will be an important development. Further gains would then target $0.727. It would take a reversal back below $0.716 would provide a more bearish view.

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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