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.

NZD/USD approaches key bullish breakout level

Short term dollar weakness is providing a rebound for the likes of GBP/USD, EUR/USD, and NZD/USD. While the European currencies remain at risk, NZD/USD appears to be taking on a more bullish picture.

EUR/USD turning lower from trendline resistance

EUR/USD managed to rebound from the $1.1107-$1.1116 support zone last week.

The downtrend seen throughout the course of 2019 remains in play if we continue to see the prices exhibit lower highs. As such, a rally through $1.1215 would negate this bearish picture. However, until that happens it looks likely we will see the pair turn lower once again to head towards that same support zone.

GBP/USD downtrend expected to persist

Marginal gains for GBP/USD on Friday have provided us with a new retracement phase within a clear and consistent downtrend.

The creation of lower highs remains key here, with a break through the $1.2748 swing high required to negate this bearish trend. Until then, there is a strong chance we will soon see the pair turn lower once again. Watch for the stochastic to drop below 80 as a bearish confirmation signal.

NZD/USD trading at key resistance level

NZD/USD managed to rally into the $0.6559 resistance level over the course of Friday, with the pair showing the potential to regain a more bullish picture should that level break.

Given the creation of a higher low last week, things are starting to look more optimistic, especially when considering that this potential double bottom formation comes after a bullish trendline break in late May. As such, look out for whether we see a break through the $0.6559 swing-high to signal a more bullish outlook 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.

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


Prices above are subject to our website terms and agreements. Prices are indicative only

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading forex provider.

Stay on top of upcoming market-moving events with our customisable economic calendar.