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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

GBP/USD, AUD/USD and USD/JPY regain some of their losses as yields retreat

​​Outlook on GBP/USD, AUD/USD and USD/JPY as the greenback retreats ahead of Friday’s Non-Farm Payrolls.

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​​​GBP/USD recovers from near seven-month low

GBP/USD is seen regaining some lost ground from its seven-month low at $1.2038 as the US dollar tops out following disappointing US private sector employment data and retreating yields.

​Wednesday’s low was made near the mid-March low at $1.2011 and the minor psychological $1.20 mark and could thus turn out to be significant.

​Minor resistance above Wednesday’s high at $1.2177 is seen along the September downtrend channel resistance line at $1.2196. If overcome, last week’s high at $1.2271 will be back in the picture. This level will need to be exceeded for a medium-term bullish reversal to become possible. Slips should find support around last week’s low at $1.2111.

GBP/USD chart Source: IT-Finance.com
GBP/USD chart Source: IT-Finance.com

​AUD/USD bounces off eleven-month low

AUD/USD is trying to recover from this week’s eleven-month low at $0.6286 as the US dollar retreats with the mid-August low and the early-September low at $0.6358 to $0.6365 currently acting as resistance.

​If bettered on a daily chart closing basis, the May low at $0.6459 may be back in focus. For a bullish reversal to gain traction, a rise and daily chart close above the $0.6511 to $0.6522 late-August and September highs would need to be seen.

​Support below Thursday’s intraday low at $0.6325 sits at Tuesday’s $0.6286 low. Below it lie the $0.6273 November 2022 low and the $0.6171 October 2022 trough.

AUD/USD chart Source: IT-Finance.com
AUD/USD chart Source: IT-Finance.com

​USD/JPY slips on BoJ intervention fears

USD/JPY sell-off from its 10-month high at ¥150.16 amid Bank of Japan (BoJ) intervention fears took it to ¥147.29 on Tuesday, a level the cross gravitates towards despite the central bank not confirming that it did indeed intervene.

​On the way down the redrawn July-to-October support line can be spotted at ¥147.66 and may offer support.

​Resistance above Wednesday’s high at ¥149.31 sits at the late-September ¥149.70 high ahead of Tuesday’s ¥150.16 intraday peak.

USD/JPY chart Source: IT-Finance.com
USD/JPY chart Source: IT-Finance.com

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.

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