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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

AUD/USD, EUR/USD see strong rallies while USD/JPY falls out of bed

Outlook on AUD/USD, EUR/USD see strong rallies while USD/JPY falls out of bed ahead of US Non-Farm Payrolls.

Dollar Source: Bloomberg

​​​EUR/USD trades in near two-month highs

EUR/USD's rise above its $1.0932 late-January high confirms a medium-term bottoming formation and puts the minor psychological $1.10 mark on the map. 

This bullish view will remain in play while the late-February high and 55-day simple moving average (SMA) at $1.0888 to $1.0874 underpin.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

​AUD/USD confirms bottoming formation

AUD/USD's rise and daily chart close above the 22 February high at $0.6595 confirms a medium-term bottoming formation with the mid-January high at $0.6729 representing the next upside target.

Minor support below the 55-day SMA at $0.6603 sits at the 22 February $0.6595 high.

AUD/USD Chart Source: TradingView.com
AUD/USD Chart Source: TradingView.com

USD/JPY is falling out of bed

USD/JPY has clearly topped out and is fast approaching  the 55-day SMA at ¥147.37 where it may find short-term support. Further down beckon the ¥146.15 to ¥145.90 200-day SMA and early-February low.

Minor resistance can now be spotted at the ¥148.80 mid-January high.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

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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