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Forex: AUD/USD bouncing off lows

FXstreet.com (Barcelona) - Poor data from the Chines economic activity during the first quarter plus below-expectations industrial production figures in March have dragged the Aussie dollar to lows around 1.0420 overnight, picking up pace later to the current area of 1.0440. Recall that China is Australia’s main trade partner.

“Our view is that the high Australian dollar is a function of the strong economy. It also reflects the strong credit rating of Australia (only 8 countries left with AAA on stable outlook). The latter is attracting inflow from sovereign wealth funds, central banks and private investors”, commented Robert Henderson, Analyst at NAB.

AUD/USD is now losing 0.62% at 1.0439 and a breakdown of 1.0405 (low Apr.9) would expose 1.0396 (MA200d).
On the other hand, resistance levels are located at 1.0540 (hourly high Apr.12) ahead of 1.0583 (high Apr.11).

Forex: USD/JPY resumes profit taking from 99.94 high

The USD/JPY was the star of the last week, resuming the rally seen from 92.73 on the surprising monetary policy decision by the BoJ. The USD/JPY printed fresh highs and was capped at 99.94 high on Thursday, just below the 100.00 psychological level. Since then, a corrective movement is being seen and the pair eased to 97.56 low during the Asian morning. The market eventually bounced and is trading at the 98.00 ground again, still edging lower on the day.
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