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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.

AUD/USD, GBP/USD find interim support while EUR/JPY range trades

AUD/USD, GBP/USD find interim support following a week of greenback appreciation while EUR/JPY range trades below key resistance.

AUD/USD Source: Adobe images

AUD/USD levels out

AUD/USD recovers from Wednesday's $0.6659 low which was made above the 200-day simple moving average (SMA) and the September low at $0.6626-to-$0.6623.

Minor resistance can be found along the 55-day SMA at $0.6730 and at the 11 October high at $0.6759. Further up lurks the 26 September low at $0.6819.

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

GBP/USD hovers above two-month low

GBP/USD tries to bounce off Thursday's $1.2974 low towards its September low at $1.3022 which may now act as resistance, together with the July peak at $1.3045.

Below $1.2974 lies the tentative April-to-October uptrend line at $1.2903.

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

EUR/JPY stays below resistance

EUR/JPY continues to range trade below the ¥162.89-to-¥164.24 resistance zone. Were it to be overcome, a medium-term bullish reversal would take shape.

Potential slips may find support between last Friday's low and the 55-day SMA at ¥161.01-to-¥160.60.

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