AUD/JPY is just short of a 5-day high, eyes RBA’s Debelle speech

Omkar Godbole FXStreet Contributor

AUD/JPY is just a few pips short of fresh 5-day highs above 84.91 (previous day’s high). The immediate focus is on the speech from RBA’s Assistant Governor Debelle, scheduled at 8:30 GMT.

Nears key trend line hurdle

The trend line sloping downwards from Feb 16 high and Mar 16 high is seen offering resistance around 85.00 levels. The cross remains on the front foot this Tuesday morning in Asia, largely due to the weakness in the Japanese Yen. The 10-year Australian government bond yield is down 1.3 basis points, suggesting the markets do not expect Debelle to drop any hawkish events.

The marginal strength seen in Asia offers little clues regarding the broader market sentiment. Moreover, the overbought RSI conditions on the 1-hour and 4-hour chart might make it hard for the JPY bears to push the cross beyond the critical trend line hurdle.

AUD/JPY Technical Levels

An hourly close above 85.00 (zero figure + trend line hurdle) would open up upside towards 85.24 (Feb 7 low) and 85.77 (Mar 31 high). On the downside, breach of support at 84.52 (May 16 high) could yield a pull back to 84.28 (10-DMA) and 84.00 (zero levels).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Neutral	Low
1H	Bullish	Neutral	High
4H	Bullish	Overbought	Expanding
1D	Slightly Bullish	Neutral	Expanding
1W	Bullish	Neutral	Shrinking
Updated Jun 27, 00:30 GMT

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.