AUD/JPY Technical Analysis: bid tone weakens on dismal Aussie building approvals
The AUD/JPY pair has pulled back 30 pips from the session high of 78.00 in the last few minutes, possibly on the back of a weaker-than-expected Aussie housing data.
Building approvals tanked 9 percent month-on-month in November, beating the estimated drop of 0.5 percent by a big margin. Notably, the annualized drop of 32.8 percent has been the worst since August 2013.
The data is indeed negative for the Aussie dollar. The AUD/JPY cross, however, is still holding above the crucial support of the 50-hour moving average (MA).
- As seen above, the pair bounced off from the 50-hour MA in the overnight trade and rose to 78.00 ahead of the housing data release, reinforcing the bullish view put forward by the higher lows.
- A break below the 50-hour MA, therefore, would invalidate the immediate bullish outlook.
Trend: Bullish above 50-hour MA
Today Last Price: 77.69
Today Daily change: 4.0 pips
Today Daily change %: 0.0515%
Today Daily Open: 77.65
Previous Daily SMA20: 78.65
Previous Daily SMA50: 80.7
Previous Daily SMA100: 80.61
Previous Daily SMA200: 81.52
Previous Daily High: 77.84
Previous Daily Low: 77.29
Previous Weekly High: 78.08
Previous Weekly Low: 70.71
Previous Monthly High: 84.05
Previous Monthly Low: 77.15
Previous Daily Fibonacci 38.2%: 77.5
Previous Daily Fibonacci 61.8%: 77.63
Previous Daily Pivot Point S1: 77.34
Previous Daily Pivot Point S2: 77.04
Previous Daily Pivot Point S3: 76.79
Previous Daily Pivot Point R1: 77.9
Previous Daily Pivot Point R2: 78.15
Previous Daily Pivot Point R3: 78.45