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.

FX levels to watch – EUR/USD, GBP/USD and USD/JPY

A mixed outlook for the dollar sees expectations of a strengthening greenback against the euro and yen, while the pound is enjoying a period of strength, bringing about a more bullish outlook.

anonymous

Publication date : 2018-04-09T09:42:22+0100

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EUR/USD turning lower from Fibonacci resistance

EUR/USD is starting to weaken this morning, following on from a rally into the 76.4% retracement.

The creation of lower highs and lows over the past week points towards the possibility of a bearish turn lower once more today. With that in mind, we would need to see a break back up above $1.2314 to provide a shift from this recent bearish trend.

EUR/USD chart

EUR/USD chart

EUR/USD chart

GBP/USD rebounds through key resistance

GBP/USD has been tentatively pushing through the crucial $1.4097 resistance level since Friday, with the price having rallied up from a drop into trendline support on Thursday.

This rally now provides a more bullish outlook, with the wider uptrend coming into play once again. With trendline resistance up ahead, there is a chance we could start to retrace lower in the near term. However, unless we break below the $1.3965 level, there is a chance we could see any retracement lead to further upside.

GBP/USD chart

GBP/USD chart

GBP/USD chart

USD/JPY moving higher from inside trendline

USD/JPY has seen a short-term bounce from the inside trendline dating back to late February. The recent rally through ¥107.01 and ¥107.31 point towards a potential bullish reversal for the pair following months of downside.

Should we push up through ¥107.49, there is a strong chance we will see a strong push higher. The late-February high of ¥107.90 represents the next major resistance level to watch out for. While there are clear signs of a potential reversal, it should be noted that this pair is particularly susceptible to any shifts in the status of the US-Chinese trade standoff, raising volatility.

USD/JPY chart

USD/JPY chart

USD/JPY chart

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This information has been prepared by IG, a trading name of IG Markets Limited 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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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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