EUR/USD and GBP/USD move higher but USD/JPY struggles
The euro, sterling and yen have made some gains against the dollar in early trading today.
EUR/USD tests 50-day moving average
The price of EUR/USD pushed higher on Thursday but once again stumbled around the $1.067 level and the 50-day simple moving average (SMA).
Gains towards $1.07 have proven hard to sustain, so a close above this would be needed to help support a short-term bullish view. A bearish moving average convergence/divergence (MACD) crossover below $1.07 could be the catalyst for fresh downside.
GBP/USD makes limited gains
While the GBP/USD has managed to make some headway over the past week it has not yet been able to close above the mid- or early-October highs.
For the moment therefore, the bearish outlook is in place. As with EUR/USD, a bearish MACD crossover could signal that momentum has shifted to the downside and that a push below the early-October lows is beginning. In the short term, buyers will need a close above $1.23 to signal that a more neutral view prevails.
USD/JPY edges back to ¥150.00
The USD/JPY continues to trim gains made earlier in the week, heading back towards ¥150.00.
The surge on Tuesday has not delivered a revival of bullish momentum as yet, and a drop back towards the rising 50-day SMA seems likely.
The information 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 Bank S.A. 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 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.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.