3 Sep 2013
AUD/JPY lacking momentum
FXstreet.com (Barcelona) - Syria tensions were reduced which helped to lift equities today and simultaneously knock the JPY lower across the board.
AUD/JPY has moved 2 big figures and gapped on the chart, printing a high of 89.55 and reads a conservative low of 89.15. The market will eye the RBA coming up. The market is pricing a 4% chance of a cut today, with the RBA being categorical last month saying no immediate rate cut follow up. Meanwhile, later in this week, the US payrolls are in focus and will be make or break for September tapering, according to Cristian Maggio, Senior Emerging Markets Strategist, Rates and FX Research at TD Securities. “…with 100k being the key threshold.” The outcome will certainly be a concern for the safe havens such as the JPY.
AUD/JPY gapped
AUD/JPY has gapped an impressive margin to the upside, heading towards august highs. The 90.00 handle comes in as the resistance line and a breach here opens the way towards the 92.00 handle and July / June highs. Significantly, such a move would reverse the 6 month trend and descending resistance line from the 104.00 handle. RSI (14) currently reads above 70 indicating a lack of further momentum to the upside side for the time being.
AUD/JPY has moved 2 big figures and gapped on the chart, printing a high of 89.55 and reads a conservative low of 89.15. The market will eye the RBA coming up. The market is pricing a 4% chance of a cut today, with the RBA being categorical last month saying no immediate rate cut follow up. Meanwhile, later in this week, the US payrolls are in focus and will be make or break for September tapering, according to Cristian Maggio, Senior Emerging Markets Strategist, Rates and FX Research at TD Securities. “…with 100k being the key threshold.” The outcome will certainly be a concern for the safe havens such as the JPY.
AUD/JPY gapped
AUD/JPY has gapped an impressive margin to the upside, heading towards august highs. The 90.00 handle comes in as the resistance line and a breach here opens the way towards the 92.00 handle and July / June highs. Significantly, such a move would reverse the 6 month trend and descending resistance line from the 104.00 handle. RSI (14) currently reads above 70 indicating a lack of further momentum to the upside side for the time being.