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.
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