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Forex Flash: USD/JPY likely to break out its bullish triangle soon – Commerzbank

FXstreet.com (Barcelona) - As the USD/JPY continues to get ever closer to the 99.74/100.00 resistance area, Commerzbank analysts believe the pair is likely to break out of its bullish triangle soon: “This resistance zone is likely to cap once again, before eventually being breached”, wrote analyst Axel Rudolph. “Above here will see an extension to 101.27/67 (the 1999 and 2005 lows). This resistance area is expected to hold the initial test”, he continued, adding that the remains short term bullish while trading above the 96.99 late April low, while if slipped through, dips lower should find support at 96.71, the March high, and at 95.67, the mid-April low. “Key support remains trend and cloud support at 95.78/94.21 and we look for this to hold the downside and provoke recovery, if reached at all that is”, the Commerzbank analyst added.

Forex Flash: RBA easing weighs upon Australian dollar - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the Australian dollar has weakened overnight following the RBA´s unexpected decision to ease policy at today´s meeting, with AUD/USD and NZD/USD testing key support levels at 1.02 and 1.20 respectively.
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Forex: EUR/HUF retreats from highs, around 297.50

The Hungarian forint is picking up pace on Tuesday, after the Hungarian industrial production posted an annual contraction of 2.9% in March, decelerating the decline from February’s 5.3% drop...
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