EUR/USD, EUR/GBP and AUD/USD bounce off support
EUR/USD, EUR/GBP and AUD/USD bounce off support as US dollar strength takes a breather.
EUR/USD sees a bounce
Following six straight days of falling prices, EUR/USD saw a minor bounce on Wednesday which is likely to run out of steam ahead of or within the $1.0695 to $1.0725 resistance area.
Support sits between Tuesday's low at $1.0601 and the 78.6% Fibonacci retracement of the October-to-December advance at $1.0596. Below this level the late October lows at $1.0522 to $1.0517 as well as the $1.0449 October low remain to be seen.
EUR/GBP probes downtrend line
EUR/GBP has overcome the 55-day simple moving average (SMA) at £0.855 and reached the November-to-April downtrend line at £0.8571 which caps for now. If bettered, the £0.8582 to £0.8586 zone would be in sight.
Support is seen along the 55-day SMA at £0.855.
AUD/USD bounces off the 78.6% Fibonacci retracement
AUD/USD recovered from the 78.6% Fibonacci retracement of the October-to-December advance and Tuesday's low at $0.639, so far to $0.6456. Above this level lies the $0.6493-99 resistance zone.
Below this week's low at $0.639 sit the August and early September lows at $0.6366 to $0.6358.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
