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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. 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 financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​​​​​​EUR/JPY and AUD/USD higher, but EUR/GBP back at September lows​​​​​​

The euro is stronger against the yen but weaker versus sterling, while the Australian dollar is struggling to move higher against the greenback.

Pound Source: Adobe images

​​​EUR/JPY testing recent highs

EUR/JPY has moved higher over the past three sessions, and is once again on the cusp of challenging the ¥163.64 area that has remained as resistance since August.

​Beyond this lies the 200-day simple moving average (SMA), currently ¥164.48. Recent weakness found support around ¥162.00, halting any new move to the downside for now.

EUR/JPY chart Source: TradingView.com
EUR/JPY chart Source: TradingView.com

​EUR/GBP back to September lows

​A volatile period over the past month has now taken the price back to the September lows with EUR/GBP, leaving the downtrend of the past year firmly intact.

​The bounce in early October fizzled out around £0.84, and this was followed up by more selling. Support around £0.8313 continues to hold for now, but a break below this brings the 2022 lows into view. Any rebound in the short-term needs to close above £0.84 to indicate some medium-term strength.

EUR/GBP chart Source: TradingView.com
EUR/GBP chart Source: TradingView.com

​AUD/USD edges higher

​The US dollar continues to have the edge over its Australian counterpart in the short-term with AUD/USD, and despite two attempts to rebound, the downward move remains in place from the October highs.

​Buyers are once again attempting to push the price higher, lifting it from the overnight six-week lows. The uptrend of recent months is clinging on for now, and positive divergence in daily stochastics is providing some hope of a recovery.

​Weakness in early September found support around the 200-day SMA, so a close below this could indicate a bigger drop.

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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