Aussie dollar closed out Q2 on a positive note, supported by a hotter inflation profile. AUD/USD approaches well-defined tripwire for a bullish continuation, AUD/JPY shows little sign of a reversal
Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.49% 🇳🇿NZD: 0.23...Risk Sentiment Propels AUD/JPY to Great Heights as Signs of Fatigue Appearhas broken below the sharp uptrend channel from the middle of April, but that break hasn’t meant particularly sharp falls. Instead, the Aussie is back very close to the 0.6618 level at which it started the second quarter back in April.
The pair remains above the medium-term downtrend from the five-month peaks of late December 2023, but is essentially stuck in the broad range between 0.67329 and 0.65731. These are respectively the first and third Fibonacci retracement of the rise to those December highs from the lows of late October. A durable fall below the latter could well flag further weakness for the Aussie, but it doesn’t seem likely in the near term.
AUD/JPY is now back to highs not seen since April 2013 . While the cross-rate remains well within the dominant uptrend channel from 2020’s lows, there are signs that the bulls are running out of steam below psychological resistance at 105.00. The market is also a very long way above both its 50- and 200-day moving averages., the quarter could bring some consolidation below current peak.
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