AUD/USD remains bid as EUR/JPY, USD/JPY fall out of bed
AUD/USD remains bid as EUR/JPY, USD/JPY fall out of bed amid yen appreciation.
AUD/USD remains bid
Last week's AUD/USD chart close above the late January high at 0.6330 is medium-term bullish and targets the 0.6850 region. First this week's high at 0.6374 needs to be bettered, however.
Because of inverse polarity, the 0.6330 January peak has now become support. Further minor support may be found around the 0.6302 early January high and along the 55-day simple moving average (SMA) at 0.6267.
AUD/USD daily chart
USD/JPY drops further
Last week's USD/JPY rejection by the 55-day SMA at 154.93 and this week's fall through the September to February support line has taken the cross to our 150.00 target. Below it beckons the 148.65 December low.
Minor resistance can now be seen at the 150.93 early February low.
Only a rise above last week's 154.80 high would engage the early February peak at 155.88.
USD/JPY daily chart
EUR/JPY falls out of bed
Last week's EUR/JPY reversal from its 55-day SMA at 161.07 nears the December to February lows at 156.18 to 155.65.
Minor resistance now sits at the early February low at 157.97.
Only if last week's high at 161.19 were to be overcome, would the 164.00 region be eyed.
EUR/JPY daily chart
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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
Live prices on most popular markets
- Forex
- Shares
- Indices
