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After relentless selling the Aussie appears to have found a bottom ahead of the 8650 level and may now consolidate for week or so assuming to further negative data is released from Down Under. At the same time USD/JPY which dropped more than 200 points off its highs on EM worries also looks to have stabilized for now as US equity markets appeared to have calmed. The US data sp far this week has been mixed, but the market is expecting the Fed to remain committed to its QE schedule and that is likely to provide support for the pair for now. Tonight’s NAB Business confidence data could prove to be spark for further rally if it prints no worse then the month prior and that would suggest that AUD/JPY has made a near term bottom.
Technically the AUD/JPY has made a higher low at the 88.50 level and as long as that low holds the formation remains bullish with 90.00 now the topside resistance level in the near term.