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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.

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AUD/USD, ​GBP/USD rally while USD/JPY advance falters at resistance ​​​

​​​AUD/USD, ​GBP/USD show positive divergence and may revert their trends to the upside as the US dollar slips after its US presidential election surge as USD/JPY advance falters at resistance. ​​​

GBP/USD Source: Adobe images
Forex Japanese yen USD/JPY GBP/USD AUD/USD United States dollar
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​AUD/USD rallies

AUD/USD is fast approaching Wednesday's high at $0.6644, a rise above which would confirm a bottoming formation with the 55-day simple moving average (SMA) at $0.6726 being eyed. Positive divergence also points towards a possible bullish trend reversal.

​​Minor support can be seen around the 61.8% Fibonacci retracement at $0.6576.

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

​GBP/USD sees positive divergence

​Following Wednesday's slide to $1.2835, GBP/USD is bouncing back and whilst doing so, displays triple positive divergence. This potentially points to a medium-term bullish trend reversal, provided that Wednesday's low underpins.

​The first upside target is the 17 October low at $1.2974, ahead of the key $1.3000-to-$1.3048 resistance zone. This would need to be exceeded, for a bullish reversal to be confirmed.

GBP/USD Source: TradingView.com
GBP/USD Source: TradingView.com

​USD/JPY hits resistance

USD/JPY has reached the ¥154.56 early June high as expected but seems to short-term falter below the ¥155.21 late July high.

​​Minor support below the ¥153.88 late October high and the 23 October high at ¥153.19 is seen along the 200-day SMA at ¥151.54.

USD/JPY Source: TradingView.com
USD/JPY Source: TradingView.com

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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. Clients can lose more than they deposit. All trading involves risk.

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