Forex Marketz Daily Forex News – Fully Markets Update
Looking at the Australian dollar (AUD) on the above daily AUD/JPY MT 4 price chart, this Forex market is quietly trading around 74.43 yen during the early Asian trade session on Wednesday.
This currency exchange rate did see a low price point at 74.21 yen before recovering. Price action is drifting looking for a catalyst.
Tonight, headed into the Asian trade session on Thursday, the Bank of Japan (BOJ) will announce their interest rate and monetary policy decision along with their economic forecast report. There is nothing on the Australian economic calendar.
The sentiment linked Australian dollar and the safe haven Japanese yen will also be influenced by ongoing coronavirus pandemic (Covid-19). France is now openly considering a month long national lockdown to contain the surge in new coronavirus infections.
Today there was better than expected Australian consumer price index (CPI). This is likely to keep the Reserve Bank of Australia (RBA) on the sidelines when they meet next month to announce monetary policy and rates. The BOJ is unlikely to change their monetary policy settings this month.
There is nothing on the economic calendar, Wednesday, for the European Union, United Kingdom and the world’s largest economy, the United States. Canada will steal the headlines today. The Bank of Canada will announce their overnight cash rate and monetary policy decision. The Bank of Canada will also publish their monetary policy statement and hold a press conference.
Australian Dollar Daily Technical Analysis (AUD/JPY)
Looking at price action on the above AUD/JPY price chart, the first downside barrier lines up at 74.43 yen. A daily close below this layer of technical support will confirm a bearish head and shoulder chart pattern. In this case, the next downside barrier lines up at 70.40 yen.
A daily close above 75 yen will bring a price trend change and bulls into this currency exchange rate. The next upside barrier lines up at the 9 October high price point at 76.52 yen.
