Despite crippling CPI data - I feel that there is still a strong bias on AUD. Reasons why I believe AUD bias is still strong - Commodities are up and futures still running high - speculated on or out, that's the direction of the market - RBA still has plenty of room to move in interest rates and AU derived bonds still looking healthy in immediate short term - Domestic labour market still in good shape and adjusting at good rate away from mining sectors.
Reasons why AUDJPY will go up: - BOJ announcement tomorrow will be dovish no what as a proxy intervention to depreciate Yen - Commodities rally leading to massive on risk market behaviour - Because its Yen
Plan: Looking for price to touch .230 fib and trend support and sit out BOJ and watch price action. Until commodities clam down - AUD will continue its slow rebound
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Lucky me
Comments
kiwiwalnut
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Thanks for the comments!
This is a risky deposition no matter how it is viewed but keeping a watchful eye for break down to 84.000 ( just below .618 fib and above historical support ) that may end up being a false break
VladimirRibakov
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let's see if we the channel will be respected again.
Regards
This is a risky deposition no matter how it is viewed but keeping a watchful eye for break down to 84.000 ( just below .618 fib and above historical support ) that may end up being a false break