AUD/USD, GBP/USD rally while USD/JPY advance falters at ...
Source: Adobe images
Written by: Axel Rudolph | Market Analyst, London
Publication date: 2024-11-07T08:03:00+0000
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.
Source: TradingView.com
Source: TradingView.com
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.
Source: TradingView.com
Source: TradingView.com
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.
Source: TradingView.com
Source: TradingView.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.
