OctaFX | OctaFX Forex Broker
Open trading account

AUD/JPY continues to find firm bids near 97.00

FXstreet.com (Barcelona) - The AUD/JPY is sliding lower in Asia trade, down 62 pips at 97.83 last. Earlier in the session, we saw release of Construction Work Done out of Australia which came in below expectations at -2.0% actual vs. 1.0% forecast, as well as Japan Retail Trade which printed -0.1% actual vs. -0.4% forecast.

According to analyst at Rabobank, "Japan has kicked-off the day’s data flow with retail sales rising 0.7% MoM in April. Sales rose 1.7% MoM in February only to fall -1.5% MoM in March. Now they’ve risen again in April. With one month of 2Q now on the table, spending is tracking to rise 0.2% QoQ in 2Q as a whole. This follows a rise of 0.6% QoQ in 1Q so points to slowing (positive) momentum after the stimulus-inspired boost of earlier this year. Of course, it’s early days to be making conclusions about the second quarter."

The FXStreet.com Trend Index remains Slightly Bearish on the daily chart, while the OB/OS index reads Oversold. Initial support sits at 97.28 (previous day low), followed by 96.90 (weekly support). First resistance sits at 98.28 (the 100dma), followed by 99.02 (the 9dma).

Forex Flash: AUD has peaked cyclically; targets 0.92USD by year end - ANZ

Analysts at ANZ believe that “the AUD has peaked cyclically, and the NZD is likely to be in a broader peaking phase,” they add. “Domestic Australian fundamentals have been deteriorating for some time, indicating that the key questions relate to the timing of a sustained currency decline, rather than its existence,” the analysts suggest.
Read more Previous

All higher but Hang-Seng

Local share markets in the Asia-Pacific are mostly all in the green but the Hang-Seng from Hong-Kong, that opened with a gap lower and trades last around the 22750 points, down -0.73% for the day so far. Nikkei index instead opened higher around the 14500 points, but soon reversed course and went into the negative dropping more than 250 points, by the time BoJ Kuroda was giving a speech. Last at 14400, the Nikkei is up +0.61%.
Read more Next
Start livechat