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 keep climbing as USD/JPY consolidates

The rallies for EUR/USD and GBP/USD keep going, while the dollar is consolidating against the yen after its recent strong gains.

EUR/USD rebounds from one-week low

EUR/USD has recovered from the dip to $1.17 yesterday, and has moved back above the 50-hour and 100-hour simple moving average (SMA), both at $1.1785.

Further gains target the peak from last Friday above $1.19, while a reversal below $1.17 is needed to signal some more near-term weakness is at hand.

GBP/USD resumes its march higher

A similar picture prevails for GBP/USD, which has moved higher after testing support around $1.3015.

This higher low provided another good entry point for fresh longs, and now the price moves on to challenge $1.311 and then $1.317.

USD/JPY consolidates after bounce

USD/JPY surged from Friday into Monday, reaching ¥106.50 - but gains have stalled for now.

Nevertheless, barring a reversal back below ¥105.60, where the price bounced yesterday and had faltered towards the end of July, the outlook seems more congenial for the bulls. Bullish stochastic and moving average convergence/divergence (MACD) crossovers may well point the way to a resumption of the upward move.

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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