Cable continues to push higher, while USD/JPY seems to be heading lower once more.

One pound sterling and dollar note
Source: Bloomberg

GBP/USD follows the same pattern
The pair looks to be repeating the pattern of recent days, which have seen cable advance, pull-back and then advance again. If yesterday’s lows of around $1.4136 hold, then we could see further upside progress towards the 50-day simple moving average (SMA) at $1.4350.

A close above here would enable the pair to contemplate a continuation of the rally, this time to the February highs around $1.4670. Dips should continue to be bought here, with only a move below $1.4050 invalidating this outlook.

EUR/USD heads towards further gains
A recovery late yesterday for this pair seems to suggest the bulls are in charge for the time being. Bulls need to push on beyond $1.1050, but so long as it holds above the $1.0950 area we can expect further gains for the pair. A failure to push on through $1.1050 (also around the 200-day SMA) would signal a return towards the lows of January around $1.08. 

USD/JPY pushes lower
Overnight USD/JPY took out the low of Friday’s session and has pushed on lower. The risk now is that we see a move back to ¥112 and potentially as far as ¥111, the lows of February.

A turn higher back above ¥113 would head towards ¥114, where it may encounter falling trendline resistance from the 2 March highs. 

USD/CAD heads for further selling
The 200-day SMA (C$1.3288) is providing some support for the pair, but with the 50-hour SMA unbroken thus far we may be seeing another rally to be sold, rather than a longer-term move higher.

It would require a push above C$1.34 to indicate that the buyers are in charge once more. 

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. See full non-independent research disclaimer and quarterly summary.

CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen. 79% van de retailbeleggers lijdt verlies op de handel in CFD’s met deze aanbieder.
Het is belangrijk dat u goed begrijpt hoe CFD's werken en dat u nagaat of u zich het hoge risico op verlies kunt permitteren.
CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen.