3 Sep 2013
AUD/JPY stopped at triple tops near 90.00 zone
FXstreet.com (Chicago) - AUD/JPY was limited at 89.96 session highs after an extended rally driven by global economic expansion fueled by China. The Syrian concerns eased down throughout the weekend and no major events were recorded on Monday, indicating the conflict has lost momentum in the markets. Prior to the RBA interest rate decision, the pair accumulates 0.21% gains so far.
Worst than expected account deficit and underperforming retail sales
Ahead of the RBA interest rate decision (with no major change expectations), retail sales data in Australia (MoM) was 0.1% compared to previous flat result and expectations at 0.4%. The current account balance had been -9.4B, worsening previous -8.7B deficit and failing to meet estimates at -8.3B. As of now, the Australian ASX All Ordinaries is up 0.22%. In Japan, the Nikkei 225 is up 2.45% on weaker yen due to safe-haven appeal loss. Moreover, monetary base at 42.0% vs. prior 38% and expected 41.3% favored the country that may have to make use of governmental funds to face the Fukushima water leaks with radiation.
AUD/JPY Technical Levels
Price action reveals triple tops at 89.96 (session highs). The pair had spiked throughout the early start of Tuesday’s trading session in Tokyo but market participants hit breaks close to 90.00 zone for a small retracement at 89.50, where the pair is currently oscillating. On the downside, supports are aligned at 89.13 (August 12th highs), 88.54 (August 6th highs) ahead of 88.00 (August 12th lows) while the upside marks resistances at 89.95 (August 19th highs), 90.47 (August 26th lows) followed by 90.98 (July 11th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and trades above the EMA20.
Worst than expected account deficit and underperforming retail sales
Ahead of the RBA interest rate decision (with no major change expectations), retail sales data in Australia (MoM) was 0.1% compared to previous flat result and expectations at 0.4%. The current account balance had been -9.4B, worsening previous -8.7B deficit and failing to meet estimates at -8.3B. As of now, the Australian ASX All Ordinaries is up 0.22%. In Japan, the Nikkei 225 is up 2.45% on weaker yen due to safe-haven appeal loss. Moreover, monetary base at 42.0% vs. prior 38% and expected 41.3% favored the country that may have to make use of governmental funds to face the Fukushima water leaks with radiation.
AUD/JPY Technical Levels
Price action reveals triple tops at 89.96 (session highs). The pair had spiked throughout the early start of Tuesday’s trading session in Tokyo but market participants hit breaks close to 90.00 zone for a small retracement at 89.50, where the pair is currently oscillating. On the downside, supports are aligned at 89.13 (August 12th highs), 88.54 (August 6th highs) ahead of 88.00 (August 12th lows) while the upside marks resistances at 89.95 (August 19th highs), 90.47 (August 26th lows) followed by 90.98 (July 11th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and trades above the EMA20.