FX levels to watch: EUR/USD, GBP/USD and NZD/USD
Dollar comes under pressure, with EUR/USD, GBP/USD, and NZD/USD all gaining ground as they break or approach key resistance levels.
EUR/USD breaks through trendline support
EUR/USD has been losing ground over the course of the past fortnight, with the pair falling below the 76.4% Fibonacci support level.
The prior rally through $1.1419 pointed towards a strong chance of a higher low coming into play here. Thus, a bullish turn above the $1.1176 level remains a possibility despite the drop below $1.124. With the price having rallied through trendline resistance, we are seeing a more bullish picture come to the fore here. Watch for a break through $1.1246 as another bullish signal, with further upside looking likely should that occur.
GBP/USD rebounds ahead of indicative votes
GBP/USD has a volatile day ahead, with the manufacturing purchasing managers index (PMI) released ahead of today’s second round of indicative votes at Parliament.
The drop below the $1.3004 level points towards a possible wider bearish picture coming into play, where a bearish picture remains unless the pair rally above $1.3135 resistance.
NZD/USD rallies above notable resistance level
NZD/USD has managed to rally through the $0.6828 resistance level, paving the way for a wider rebound.
This year has seen the continued creation of higher lows, and with the price starting to reverse higher rather than breaking below $0.6745, it looks likely that this wider trend will continue. As such, a bullish outlook is in play unless we see a break through $0.6774.
This information has been prepared by IG, a trading name of IG Markets 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