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 rally, while USD/JPY hits key support

It is another day of gains for the euro and sterling against the dollar, while USD/JPY has hit vital support as it continues to fall.

EUR/USD resumes its move higher

After a brief pullback from Monday’s peak, EUR/USD is turning higher once again.

The pair has been bolstered by a move above the 50-hour simple moving average (SMA) at $1.1734 and turns higher for stochastics and also moving average convergence/divergence (MACD). This higher low resembles those seen late last week, and point to a renewed bullish trend.

GBP/USD hits new high

GBP/USD is continuing to advance too, and after only a modest drift lower from yesterday’s peak.

This uptrend shows no sign of slowing, and the healthy gains over the past few days point towards a plentiful supply of bullish momentum. $1.304 and $1.32 are the next major targets to the upside.

USD/JPY lurches to new low

Just as EUR/USD and cable are climbing, so USD/JPY is firmly under pressure, and this morning’s drop to a new low at ¥104.80 confirms the downward move.

Barring the sudden drop in March, this level has been a huge level of support since early 2018. If it breaks then we can expect a much more bearish move to emerge. Short-term intraday rallies continue to be selling opportunities, as we saw yesterday with the bounce to ¥105.60.

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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