By Mexgroup.com
AUD/USD Is The Rebound Completed?
The AUD/USD increased in the morning and deleted the yesterday’s losses. Is trading in the green despite the last hour’s drop. Continues to stay in the green area and maintains a bullish perspective on the daily chart.
Is unlikely to talk about a reversal until we’ll have a confirmation that the rate will start another leg lower. Technically has shown some exhaustion signs, but only a USDX’s rally will force the rate to turn to the downside again.
Price remained steady after the RBA Rate Statement, wasn’t impressed by the Reserve Bank decision to maintain the Cash Rate on hold at 1.50%. The rate didn’t suffer any change since August 2016, we’ll see what the RBA Gov Lowe speech will bring in the market, maybe we’ll see some action only after the US data will be released.
AUD/USD moves sideways between the 0.7989 and the 0.7835 static support. Price maintains a bullish perspective as long as is trading within the minor ascending pitchfork’s body. Could retest the lower median line (lml) before will climb much higher, only a valid breakdown below the LML will confirm a larger corrective phase. The major upside target remains at the 0.8065 horizontal level, will approach it if the USDX slides further. The US dollar still needs a bullish spark from the Federal Reserve, however, it could receive a helping hand from a dovish ECB on Thursday.
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USD/JPY Breakdown In Play
Price is trading in the red and should take out the static support from the 50% retracement level. A valid breakdown will attract more sellers which will lead it towards the 61.8% retracement level. I’ve said in the last weeks that the rate is somehow expected to drop further as the Nikkei stock index should hit fresh new lows. The JP225 dropped and resumed the yesterday’s bearish candle.
EUR/JPY Bears In Control
EUR/JPY is trading in the red and seems poised to take out the support from the UML. Is under massive selling pressure after the failure to close the yesterday’s gap. Continues to stay much above the 130.00 psychological level, but a breakdown below it will signal a larger drop. Only a rejection from here will signal a further increase.
By Olimpiu Tuns
Market Analyst
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