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AUD/JPY advances capped below 97.50

FXstreet.com (Barcelona) - The AUD/JPY finished the day up 33 pips to close at 97.14, at one point trading as high as 97.26 but failing to take out key resistance near the 97.50 level (the 9dma). Market participants should be aware that we will see the latest RBA Rate Decision later in the session at 4:30 GMT, as well as Aussie GDP figures tomorrow.

According to Stephen Toplis, Head of Research at BNZ, “as for the GDP indicators, we are looking for a 3% gain in Wednesday’s Q1 Building Work Put in Place (BWPIP), with residential leading the way. We are most conscious of the potential for upside surprises – if not for Q1 then for the many quarters to come. The real question is where the resources are going to come from to deal with the construction boom New Zealand is staring at.”

From a technical perspective, short term moving averages remain in bearish set up with price below both the 9 and 20 dma’s. Furthermore, the RSI (14) is also in bearish set up consolidating below the 40 level. Both of these developments may help to influence a sell the rally mentality as the week progresses. Initial resistance sits at 97.50 (the 9 dma), followed by 98.39 (100 dma). First support sits at 96.81 (the 50dma on 1 hour chart), followed by 96.25 (previous day low).

Australia 1Q Current Account Balance increase to -8.5B vs -14.8B

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EUR/AUD finds some ground in the 1.34 round area

EUR/AUD is last at session highs 1.3413, off recent double dip near the 1.3375 area as fresh weekly lows printed in late NY trade, coming down from previous weekly close Friday at fresh 1.5-year highs 1.3587. The cross is down -1.2% for the week on the back of Aussie strength, although still a +5.71% higher year to date.
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