EUR/USD and GBP/USD climb against the dollar, and USD/JPY moves higher again
Some dollar weakness has provided space for EUR/USD to bounce and GBP/USD to continue its recovery, while against the yen the dollar has recouped Wednesday’s losses.
EUR/USD finds strength to bounce
A rebound has finally materialised for EUR/USD, at least in the short term. The first target is the $1.164 swing high from 4 October, and if this is pierced to the upside then buyers may be able to push on towards the 50-day SMA at $1.1722.
This is only a recovery within a longer-term drop however for now, so bulls should be cautious about pushing their luck too far.
GBP/USD rebound continues
A more substantial recovery is in place for GBP/USD, but again it takes place within the run of lower highs and lower lows seen since the summer.
Sellers will be on watch for any resumption of the move down, while buyers will hope the price can clear the 50-day SMA at $1.3721 and then move on above the late September high at $1.375.
USD/JPY recoups losses
There is little scope for weakness for USD/JPY, with buyers already causing the price to recover most of yesterday’s losses.
Gains above ¥113.70 have been difficult to achieve over the past few days, holding back upward progress. A deeper move below trendline support at ¥112.50 would mark a more bearish development.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
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
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
