OctaFX | OctaFX Forex Broker
Open trading account
Back

AUD/JPY finds buyers ahead of key 50% fib

FXStreet (Bali) - AUD/JPY found solid bids at the retest of its old multi-month range breakout point circa 96.40/50, with the rate bouncing as high as 96.90 before consolidating.

The resurgence of bargain hunters in AUD/USD, which had accumulated 5 consecutive days of steep losses, together with the consolidation near a 6-year high in USD/JPY, yielded good results for those bottom pickers in AUD/JPY.

Technically, the pair stalled its slide just ahead of the 50% fib retracement from the 94.00-98.60 run. For bulls to regain the dominance in prices, a daily close above the 20-day EMA at 97.30 would be a start, with a re-take of 97.60 the next hurdle to overcome before the bull trend potentially resumes again towards 98.60 and beyond. On the downside, keeping prices above 96.25/30 (50% key fib) is crucial or else risk of deeper pullbacks towards 96.00 ahead of 95.75 (61.8% fib) increases.

AUD/NZD basing out mid 1.10 handle for now

AUD/NZD is trading at 1.1046, up 0.05% on the day, having posted a daily high at 1.1051 and low at 1.1039.
Read more Previous

Language changes ahead from FOMC? - BAML

Analysts at Bank of America Merrill Lynch note that markets are anxiously awaiting the September FOMC meeting.
Read more Next
Start livechat