CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

EUR/USD and GBP/USD fall, as USD/JPY eyes fresh gains

The dollar strength theme of Monday has carried over into a new session, pushing down EUR/USD and GBP/USD while lifting USD/JPY.

EUR/USD downward move continues

After the poor start to the week, the losses have continued, EUR/USD pushing on below the 100-day simple moving average (SMA) at $1.2024 and below yesterday’s low.

A fresh test of $1.194 seems very likely, as bearish pressure continues to drive the price downwards. This negative view remains in place unless we see a move back above $1.21, which could then bring $1.22 into view once again.

GBP/USD heads lower

After starting on an upward path yesterday morning GBP/USD has steadily lost ground, moving back towards the rising 50-day SMA at $1.3724.

This is still very much a pullback rather than a turnaround in the trend, although for the time being the sellers are firmly in charge.

USD/JPY keeps climbing

Further gains yesterday carried the USD/JPY price towards ¥107.00, with daily stochastics and moving average convergence/divergence (MACD) pointing towards strong bullish momentum.

This change in trend from the summer’s downward move remains strong and shows no sign of slowing. Further gains above ¥107.00 will bring ¥107.95 and ¥109.59 into view in due course.

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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