Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD, GBP/USD and AUD/USD on the rise as havens weaken

EUR/USD, GBP/USD and AUD/USD regain ground as risk-on momentum puts pressure on the dollar.

Video poster image

​EUR/USD back into 76.4% Fibonacci resistance

EUR/USD has been consolidating around the 76.4% Fibonacci resistance level for the second half of last week, with traders seeking to ascertain whether this bullish recovery will continue or not. That area of resistance is going to be key, with the 200-day simple moving average (SMA) also coming into play once again.

A break up through both of those resistance levels would bring greater expectations of a push through the $1.219 swing high. Such a move would end the recent bearish trend to bring about a fresh bullish outlook once more. However, until we see that $1.219 level broken, there is still a risk of another bearish turn given the recent trend.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD launches into another push higher

GBP/USD has once again surged higher, building on the gains seen throughout much of last week.

That once again brings us into fresh multi-year highs for the pair, with few resistance levels of note up ahead. As such, further upside looks likely, with a decline through the recent swing low of $1.3773 required to negate that current bullish trend.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

AUD/USD breaks through notable resistance level

AUD/USD has managed to break through the $0.7764 resistance level, building on the recent push through an ascending trendline. That brings expectations of further gains to come, with the $0.782 level up ahead.

While 2021 has seen the pair struggle in the wake of an impressive 2020, there is a good chance we could soon see the pair break back onto that bullish trend from here. With that in mind, further upside looks likely from here, where a break through $0.782 would further that bullish sentiment. To the downside, a break below $0.7718 would be required to negate that bullish view.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

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

Find out more

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

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

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Monday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

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 provider of CFDs.

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