- AUD/JPY snaps three-day uptrend, remains pressured around intraday low.
- Australia Trade Balance improved but Exports, Imports dropped in October.
- Failures to cross 100-EMA keep sellers hopeful, bulls need validation from 92.00.
AUD/JPY holds lower ground near the intraday low of 91.63 during early Thursday. In doing so, the cross-currency pair justifies the mixed plays of Japanese and Australian data.
That said, Japan’s final readings of the third quarter (Q3) Gross Domestic Product (GDP) came in better than initial forecasts as the QoQ figures improved to -0.2% versus -0.3% while the GDP Annualized came in -0.8% versus -1.1% expected and -1.2% prior.
On the other hand, Australian Trade Balance for October improved to 12,217M versus 1,155M expected and 12,444 prior. Further details suggest that the Imports and Exports both dropped 1.0% versus expectations of rising by 2.0% and 1.0% in that order.
Additionally, the quarterly Bulletin from the Reserve Bank of Australia (RBA) failed to provide any clear directions to the AUD/JPY pair traders as it highlights the importance of education while praising the economic transition due to the easing of Covid-linked restrictions.
With this, the AUD/JPY bears are well-set to break the weekly support line surrounding 91.60, which in turn could recall the monthly low of 91.13 to the chart. Following that, the 91.00 and the 90.00 thresholds could lure the sellers.
On the flip side, a convergence of the 100-hour Exponential Moving Average (EMA) and a descending trend line from Tuesday, near 92.00, restricts the short-term upside of the AUD/JPY pair.
In a case where the AUD/JPY buyers manage to cross the 92.00 hurdle, the weekly high near 92.30 and the late November swing top around 93.85 will be in focus.
AUD/JPY: Hourly chart
Trend: Further downside expected
Additional important levels
|Today last price||91.67|
|Today Daily Change||-0.12|
|Today Daily Change %||-0.13%|
|Today daily open||91.79|
|Previous Daily High||92.13|
|Previous Daily Low||91.56|
|Previous Weekly High||93.93|
|Previous Weekly Low||91.14|
|Previous Monthly High||95.56|
|Previous Monthly Low||92.15|
|Daily Fibonacci 38.2%||91.91|
|Daily Fibonacci 61.8%||91.78|
|Daily Pivot Point S1||91.52|
|Daily Pivot Point S2||91.25|
|Daily Pivot Point S3||90.95|
|Daily Pivot Point R1||92.1|
|Daily Pivot Point R2||92.4|
|Daily Pivot Point R3||92.67|
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