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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 surges and AUD/USD pushes higher, but EUR/GBP comes under heavy pressure​

The euro has surged to a three-month high against the yen, but is under heavy pressure against the pound. Meanwhile, AUD/USD is attempting to move higher after yesterday’s losses.

Forex Source: Adobe image

​​​EUR/JPY surges to twelve-week high

EUR/JPY surged yesterday to its highest level since the beginning of August, pushing above the 200-day simple moving average (SMA).

​The price continues to be supported by rising trendline support from the September lows. Meanwhile, horizontal support at ¥163.64 and then ¥161.87 might provide some help in the event of renewed losses.

EUR/JPY chart Source: ProRealTime
EUR/JPY chart Source: ProRealTime

EUR/GBP hit by early selling

​Early trading has seen EUR/GBP slump after yesterday’s bounce, threatening a test of the recent lows around £0.8310.

​A close below this could open a path to the lows of 2022 at £0.8251 and £0.8203. Bearish momentum remains strong, and daily stochastics appear to be poised to roll over to the downside.

EUR/GBP chart Source: ProRealTime
EUR/GBP chart Source: ProRealTime

​AUD/USD tiptoes higher

​Tuesday saw AUD/USD fall to its lowest level since early September, testing the 200-day SMA once more.

​The price is attempting to rebound, and daily stochastics continue to rise, which provides hope of a short-term low. A close back above $0.67 might suggest that a low has formed. Alternately, a renewed push lower could target the August lows around $0.6482.

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

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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