Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.89506)
The AUD has broken below a key support at 0.89670 and remains well below a medium term trend line. Looking at the chart below we see a major gap lower. The short term rebound to 0.9110 has ended. It ended nearer to 0.9105 and moved lower. With the daily close below the key technical level at 0.9005, we remain bearish looking at supports.
The one week chart, pictured below, also does not paint a bullish picture. We have emerged from a consolidation pattern with a bearish candlestick and drop lower. The medium term technical level, in the support range, is at 0.8750 then the round level at 0.87. This is more than 200 pips below the current market price, and certainly within range over the coming sessions.
The AUD/USD is in play and should be watched.
USD/JPY (¥109.221)
The dollar continues to move higher versus the yen. God news for the Bank of Japan (BOJ) which wants the yen to weaken and stay weak. We are now solidly above ¥109.
We see near term resistance near ¥109.30, which we are testing at this time. A close above this level will target ¥110.05 then ¥110.10. Should the dollar reverse, and we see no bearish reversal patters suggesting this, then we need a move below ¥108.30 to test ¥107.80 the ¥107.75.
