Forex Marketz Daily Forex News – Fully Markets Update
The sentiment and commodity linked Australian dollar has been moving higher against the safe haven Japanese yen. The AUD/JPY currency exchange rate continues to look poised for possible gains as we head into Tuesday’s trade session. Price action is around 83.30 yen and looking to coil towards 83.50 yen.
The global economic calendar picks up on Tuesday. The United Kingdom is publishing key labor numbers. The UK will release their monthly unemployment change, unemployment rate, average hourly earnings and their three month claimant count. BRC (British Retail Consortium) is publishing their monthly shop price index.
The European Union will be featuring consumer sentiment surveys from the ZEW economic institute. Both the Eurozone and Germany will see their monthly ZEW consumer sentiment surveys published. The United States is also publishing monthly labor data. JOLTS will release their jobs openings numbers during the North American trade session.
Daily Australian Dollar Technical Analysis (AUD/JPY)
Looking at the above daily MT 4 price chart, upwards momentum for the Australian dollar looks to taking a small breather as market sentiment is mixed.
The 14 day relative strength index (RSI) is above seventy (70), which is overbought. This could see the Australian dollar correcting lower to the two hundred (200) day simple moving average.
The 200 day simple moving average lines up around 82.38 yen. A daily close below 82.38 opens the door for the downside barrier lining up at the 3 September high price point at 82.02 yen. The one hundred (100) day simple moving average lines up around 81.82 yen.
The AUD/JPY currency exchange rate is trading near the middle of the Andrew Pitchfork channel. There is a technical resistance level lining up at 83.55 yen. A daily close above 83.55 yen, the next upside barrier to monitor comes into play at the 6 July high price point at 84.19 yen.
However, the oversold signal with the 14 day relative strength index makes a possible correction lower a possibility.
