AUD/JPY seesaws below 85.00, Aussie data, RBA in focus


  • AUD/JPY fades bounce off intraday low after rising the most in a week the previous day.
  • S&P 500 Futures print mild losses following Wall Street’s mixed closing.
  • Upbeat US data, vaccine hopes backed risk-on mood but pre-RBA sentiment tests the bulls.

AUD/JPY cools down to 84.66 amid the initial Asian session on Tuesday. In doing so, the quote struggles for clear traction ahead of the key Australia trade numbers and the Reserve Bank of Australia (RBA) monetary policy meeting, not to forget mixed risk catalysts.

The quote began May on a strong footing amid upbeat market sentiment. Behind the moves were comments from the Federal Reserve (Fed) Chairman Jerome Powell and New York Fed President John Williams. Both the US bankers cited optimism for the latest recovery in economics.

Also on the risk-positive side was the US ISM Manufacturing PMI, despite easing from 65.00 forecast to 60.7. The reason could be spotted from the gauge’s industry components which rallied together for the first time since 2014.

Furthermore, chatters that some of the Indian regions are witnessing a slightly weaker covid growth and the US Food and Drug Administration’s (FDA) readiness to approve Pfizer-BioNTech vaccine for 12-15 year age-group also backed the risk-on mood.

It should, however, be noted that the upbeat prints of Australia’s weekly consumer sentiment gauge, 112.7 versus 112.4 prior, seem to have recently favored the AUD/JPY prices.

Meanwhile, worsening virus woes in Japan battle faster vaccine arrivals and the pre-Aussie data, RBA sentiment to weigh on the risk appetite.

Against this backdrop, S&P 500 Futures drop 0.14% after mixed closing of Wall Street and downbeat US Treasury yields.

Although the Aussie Trade Balance is likely to rise to 8000M versus 7529M prior to recent restrictions on the global movements of goods and people, due to the covid resurgence in Asia, may result in negative surprises. However, the expected inaction by the RBA and likely positive statements may keep the AUD/JPY on the front foot.

Technical analysis

Even as the 85.00 restricts short-term AUD/JPY upside, sellers are less likely to take risk of entries above the 50-day EMA level of 83.47.

Additional important levels

Overview
Today last price 84.66
Today Daily Change 0.42
Today Daily Change % 0.50%
Today daily open 84.24
 
Trends
Daily SMA20 83.94
Daily SMA50 83.81
Daily SMA100 81.92
Daily SMA200 78.97
 
Levels
Previous Daily High 84.85
Previous Daily Low 84.14
Previous Weekly High 85.01
Previous Weekly Low 83.5
Previous Monthly High 85.01
Previous Monthly Low 83.04
Daily Fibonacci 38.2% 84.41
Daily Fibonacci 61.8% 84.58
Daily Pivot Point S1 83.97
Daily Pivot Point S2 83.7
Daily Pivot Point S3 83.26
Daily Pivot Point R1 84.68
Daily Pivot Point R2 85.12
Daily Pivot Point R3 85.4

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!
   

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD rises toward after US retail sales miss estimates

EUR/USD is holding onto its gains above 1.21 after the US reported no change in April's retail sales, below 1% expected. The Control Group plunged by 1.5%. The dollar is falling across the pond. US Consumer Sentiment missed with 82.8, yet inflation expectations surged to 4.6%.

EUR/USD News

GBP/USD trades below 1.41 after US consumption data

GBP/USD is trading above 1.4050, benefitting from the better market mood. Sterling is shrugging off worries about the spread of new virus variants, which may delay the reopening. US retail sales missed estimates, causing jitters. 

GBP/USD News

XAU/USD rallies back closer to multi-month tops, around $1,840 region

Gold could be on the verge of a lower low, but the hourly time frame is key. The hourly support structure is guarding a break to test bullish commitments at 1,800. The 10-day EMA and confluence of the 50% mean reversion are also offering support. 

Gold News

Dogecoin bulls hold the key for 40% gains

Dogecoin price is at a pivotal point, resulting in a 40% upswing or 30% sell-off. A swift surge beyond $0.522 and a retest of this level confirms a bullish outlook. If DOGE slices through the $0.351, it will put an end to the optimistic narrative.

Read more

AMC Entertainment Holdings surges on triangle breakout, targets $14.54 and $20

AMC has done it again and in the process is stealing the GameStop crown. Supposedly a movie about the whole GameStop saga is in the works, but if AMC has its way it will be stealing the show. Coming to an AMC theatre near you: "AMC to the moon". AMC closed Thursday at $12.77 for a nice gain of 23.7%, thank you very much.

Read more

Forex MAJORS

Cryptocurrencies

Signatures