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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

​EUR/USD, AUD/USD resume their descents while USD/JPY hits 34-year high​

​​​EUR/USD, AUD/USD resume their descents while USD/JPY hits 34-year high​ as the greenback appreciates across the board​.

Dollar Source: Bloomberg

​​​EUR/USD resumes its descent

EUR/USD is trading back below its 55-day simple moving averages (SMA) at $1.0846, following Tuesday's brief foray to $1.0864. Above it lies minor resistance at the early and late-February highs at $1.0888 to $1.0897.

​Key short-term support sits between the late February and current March lows at $1.0802 to $1.0797, a fall through which would target the $1.0724 to $1.0695 region.

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

​AUD/USD probes support

​AUD/USD fell back to its February-to-March uptrend line, having been rejected by the 55-day SMA at $0.656 on Tuesday.

​A fall through recent lows and last week's $0.6504 trough would put the February low at $0.6443 on the cards. This level will remain in focus as long as no bullish reversal takes the cross above last week's $0.6634 high.

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

​USD/JPY hits 34-year high

​USD/JPY made a new 34-year high at ¥151.97, a rise above which and the ¥152.00 mark would engage the ¥153.60 July 1987 peak.

​Minor support sits in the ¥150.88-83 region.

​While last Thursday's ¥150.27 low underpins, an upside bias will remain in play.

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

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