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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.

Swift AUD/USD rally is taking a breather while EUR/JPY, USD/JPY stay side-lined​​​

Swift AUD/USD rally is taking a breather ahead of Jackson Hole symposium while EUR/JPY, USD/JPY stay side-lined.

USD Source: Adobe images

​​​AUD/USD rally is taking a breather

AUD/USD's sharp rally off its $0.6349 low is still gunning for its July high at $0.6798. Minor support is now seen between the May peak at $0.6714 and the 12 June high at $0.6704.

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

​EUR/JPY stays side-lined

EUR/JPY continues to range trade below the 200-day simple moving average (SMA) at ¥164.02 and above the ¥160.00 level. Further minor support is seen at the 12 August low at ¥159.83. ​Downside pressure should be maintained while the 200-day SMA caps.

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

​USD/JPY remains under pressure ​

USD/JPY's sharp drop from its ¥161.95 early July high to its ¥141.70 early August low has been followed by a bounce to last week's high at ¥149.40. From there it so far dropped to ¥144.46 with further downside looking probable.

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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