The AUD currency basket acts exactly as planned. Today we have a possible upmove continuation in the AUD/JPY.
Due to a higher demand in iron ore ( Australia exports to China) the AUD currency is getting stronger. The AUD/JPY POC zone is 80.05-20 and a pullback within the zone could show up fresh buyers. Coupled with historical buying from the zone, we could see a bounce towards 80.73. If the price makes a close above 80.75, watch for 81.15 – weekly H4 camarilla pivot. The ATR of the AUD/JPY has already been overshot, so it indicates we might see a retracement, but also indicates that the trend is still strong.
This article was originally posted on FX Empire
More From FXEMPIRE:
- GBP/USD Daily Price Forecast – The Cable Upshots 35pips Ahead Of UK Mar CPI Data & BoE’s Carney Speech
- Markets Brace For Earnings, Optimism Is Fading, Slower Growth Confirmed
- Natural Gas Price Fundamental Daily Forecast – Series of Big Injections Coming That Will Shrink Storage Deficit
- E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – April 17, 2019 Forecast
- Oil Price Fundamental Daily Forecast – Higher as Chinese Growth Supports Demand, API Draw Helps Supply
- E-mini S&P 500 Index (ES) Futures Technical Analysis – April 17, 2019 Forecast