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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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. 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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​​​EUR/USD, EUR/GBP rally while AUD/USD slips ahead of US payrolls​​​

​​​​​EUR/USD advances, EUR/GBP rally stalls at resistance while AUD/USD digs into support ahead of US payrolls.​​​​

Forex Source: Adobe images

​​​EUR/USD above 200-day SMA

EUR/USD's recovery its $1.0778-62 support zone has taken the cross above its 200-day simple moving average (SMA) at $1.0869 which may now act as minor support. Above Thursday's high at $1.0888 lies the 10 October low at $1.09 which may act as minor resistance. Further up lies the July peak at $1.0948 which represents the next upside target.

​Last Friday's $1.0839 high should now act as minor support ahead of the main $1.0778-to-$1.0761 support area.

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

EUR/GBP hits resistance

EUR/GBP rallied from its £0.8318-to-£0.8296 support area to the early October high at £0.8434 as expected. Together with the £0.8463 September high it creates resistance which is expected to at least short-term cap. Were a rise above the September high to unfold, the 200-day SMA at £0.8485 would be next in line.

​Potential slips may encounter minor support along the 55-day SMA.

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

​AUD/USD weighs on support

​Even though AUD/USD briefly fell through its $0.6580-58 support zone to $0.6537 on Wednesday, it looks as if the cross may still level out in this region. Therefore, provided that $0.6537 underpins, a rise back towards the 200-day SMA at $0.6627 may be at hand.

​Were a slip through Wednesday's low at $0.6537 to ensue, however, the 25 July low at $0.6515 and also the 31 July trough at $0.648 as well as the 78.6% Fibonacci retracement at $0.6477 would be put on the cards. ​Minor resistance above Wednesday's $0.6596 high remains to be seen along the 200-day SMA and the September low at $0.6623-to-$0.6627.

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

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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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