Skip to content

We want to clarify that IG International does not have an official Line account at this time. We have not established any official presence on Line messaging platform. Therefore, any accounts claiming to represent IG International on Line are unauthorized and should be considered as fake.
CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.
CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

Fresh USD weakness lifts EUR/USD and GBP/USD, while pushing down USD/JPY

Despite some comments from FOMC members about needing to push on with hikes, the dollar has edged down again.

Video poster image

​​EUR/USD prepares to test $1.04 again

EUR/USD attempted bounce yesterday was stymied by a strengthening dollar, but it has moved up again in early trading.

An area of resistance is developing around $1.04, so a move above this zone is needed to open the way to additional upside, allowing the price to build on the bounce from the September lows.

This would then bring $1.064 into view. A move below $1.02 is needed to suggest that the downtrend could be returning.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD moves up in early trading

The buyers are attempting to take control again with GBP/USD after two days of losses, setting up an attempt to clear the 200-day simple moving average (SMA) $1.217.

A bounce from current levels would help to put the pair back on an upward footing and restore the bounce from the September lows. Additional upside would target $1.225, the August high, and then on to the June high at $1.2366.

A reversal below short-term trendline support and below $1.19 might point towards some more short-term consolidation, and then bring the 100-day SMA into view.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY drops back despite Fed comments

Despite a bounce yesterday, USD/JPY is under pressure once again, heading back towards yesterday’s lows.

Additional declines would bring the ¥135.00 level into view, followed up by the 200-day SMA.

It would need a move back above ¥142.50 to suggest that a bounce is in play, with a break above trendline resistance from the October highs.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

This information has been prepared by IG, a trading name of IG Markets 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.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Find out more

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.