AUD/USD bounce falters and EUR/JPY slumps further, but EUR/GBP rallies ahead of BoE meeting
The euro remains under heavy pressure against the yen, but is making headway against sterling ahead of the UK rate decision today. Meanwhile yesterday’s bounce in AUD/USD has run out steam.
AUD/USD bounce runs out of steam
AUD/USD continues to head lower despite a rebound from yesterday’s three-month low. Yesterday’s recovery has fizzled out, and a push back to the lows of Wednesday’s session seems likely. This would maintain the bearish view.
A close back above $0.657 would mark a low for the time being, and then the price will test the 200-day simple moving average (SMA).
EUR/GBP rebounds
EUR/GBP has found new bullish momentum, rallying back towards the 50-day SMA and Monday’s peak.
The downtrend is still in place, so any bounce would still likely form a lower high for the time being. However, a medium-goal for further upside would be the late June highs at £0.849 and the early June gap lower.
EUR/JPY slumps to new four-month low
EUR/JPY huge pullback continues, with the price closing below the 200-day SMA for the first time since March 2023.
The uptrend has taken a huge knock, and with the Bank of Japan (BoJ) now likely to tighten further more losses seem likely. The Mach 2024 low at ¥160.00 looms. So far there is little sign of any rebound beginning.
This information has been prepared by IG, a trading name of IG Markets Limited. 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. See full non-independent research disclaimer and quarterly summary.
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
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
