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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, EUR/USD see strong rallies while USD/JPY falls out of bed

Outlook on AUD/USD, EUR/USD see strong rallies while USD/JPY falls out of bed ahead of US Non-Farm Payrolls.

Dollar Source: Bloomberg
Forex United States dollar Japanese yen EUR/USD AUD/USD USD/JPY
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​EUR/USD trades in near two-month highs

EUR/USD's rise above its $1.0932 late-January high confirms a medium-term bottoming formation and puts the minor psychological $1.10 mark on the map. 

This bullish view will remain in play while the late-February high and 55-day simple moving average (SMA) at $1.0888 to $1.0874 underpin.

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

​AUD/USD confirms bottoming formation

AUD/USD's rise and daily chart close above the 22 February high at $0.6595 confirms a medium-term bottoming formation with the mid-January high at $0.6729 representing the next upside target.

Minor support below the 55-day SMA at $0.6603 sits at the 22 February $0.6595 high.

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

USD/JPY is falling out of bed

USD/JPY has clearly topped out and is fast approaching  the 55-day SMA at ¥147.37 where it may find short-term support. Further down beckon the ¥146.15 to ¥145.90 200-day SMA and early-February low.

Minor resistance can now be spotted at the ¥148.80 mid-January high.

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