OctaFX | OctaFX Forex Broker
Open trading account

Forex: AUD/JPY plummets as risk appetite fades

FXstreet.com (Barcelona) - The AUD/JPY suffered steep losses today, dropping 3.13% and closing the US session at 99.63. At one point the pair traded as low as 98.74 before stabilizing and drifting slightly higher at the end of the day. Market participants should be aware of the RBA Minutes release later in the session at 1:30 GMT.

According to Sean Lee of FXWW “AUD/JPY fell very heavily due to a perfect storm of bearish factors; an overly long market, poor Chinese data, the US Treasury comments and generally increased risk aversion. The close below 100.00 is another bearish technical factor and support levels are at 97.00 and 95.50. I would not try catching the falling knife just yet and bulls are best to wait until the dust settles a bit more.”

The FXStreet.com Trend Index remains slightly bearish on the 4hr chart, while the OB/OS Index reads Oversold. First support comes in at 98.73 (bullish hammer candle on 1 hour chart), followed by 98.32 (the 45 DMA on daily chart). Initial resistance is 100.32 (the 9 DMA on hourly), followed by 101.25 (the 20 DMA on hourly).

Forex Flash: RBA Minutes in Focus – NAB Global Markets

In the coming Asia session, market participants will be focused upon the RBA minutes release due out at 1:30 GMT. According to analysts at NAB Global Markets “As for the RBA Minutes, there’ll be particular focus on the RBA’s easing bias – evident in the post-April Board meeting media release – contains the same words from last month’s Minutes to the effect that “…. Further reductions may be required.”
Read more Previous

Spooky gold/silver liquidation resumes as CME raises margins

After Gold suffered its worst day in 30 years, the metal's bloodbath continues without much signs of appetite to pick a temporary bottom. The new low in Asia is found at $1,330 after a NY close near lows at $1,335. Meanwhile, silver has also penetrated into fresh multi-year lows falling as low as 22.24 from 22.54 previous.
Read more Next
Start livechat