AUD/JPY shows little reaction to Australia NAB data amid broad risk-on

  • Mixed data from Australian business survey.
  • Risk tone remains light on trade positive news.
  • Political developments to gain major attention amid lack of economics.

With the mixed numbers of NAB business confidence and business conditions, the AUD/JPY pair remains modestly unchanged to 75.58 during early Tuesday.

The May month survey of business conditions and business confidence by the National Australia Bank flashed mixed signals as the former declined to 1 from 3 against the later one’s rise to 7 from 0.

Optimism surrounding China’s trade talks with the US and the absence of Mexican tariffs favor global risk sentiment off-late.

The closely watched risk barometer, the US 10-year treasury yield, gains nearly 2 basis points to 2.154% by the press time.

Moving on, talks surrounding the US-China trade could keep directing near-term pair momentum amid no major data scheduled for release.

Recently, the US President Donald Trump threatened to levy fresh tariffs on China if G20 fails to offer any chances of trade talks between the US and China. On the other hand, China press mentioned that the President Trump fears the dragon nation’s progress.

Technical Analysis

January 04 low around 75.24, and latest bottom surrounding 75.00 can entertain sellers ahead of 61.8% Fibonacci retracement level of January – April upside, at 74.52. Meanwhile, a confluence of the 21-day simple moving average (SMA) and 50% Fibonacci retracement level around 75.70 becomes tough upside resistance to clear in order to aim for 76.20.

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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD extends losses toward 1.1250 amid coronavirus concerns

EUR/USD is trading closer to 1.1250 as concerns about US coronavirus cases are growing. Eurozone finance ministers are meeting ahead of next week's summit.  US PPI and updated COVID-19 statistics are awaited.


GBP/USD pressured under 1.26 amid risk-off mood, Brexit uncertainty

GBP/USD is trading below 1.26, off the highs. Rising US coronavirus cases are pushing markets lower and the safe-haven dollar higher. Concerns about Brexit and the UK refusal to participate in the EU coronavirus vaccine scheme are weighing on sterling. 


Gold refreshes session tops, moves back above $1800 mark

The prevalent risk-off mood assisted gold to reverse an early dip to the $1796 region. A modest pickup in the USD demand might cap any further gains for the commodity. Investors also worried about the possibility of further escalation of Sino-US tensions.

Gold News

Canada Net Change in Employment June Preview: June is looking better and better

Job gains expected to more than double in June. Unemployment rate to drop to 12% from 13.7 in May. Ivey PMI was twice its forecast in June, highest since Nov 2019. USD/CAD would benefit from better June job figures.

Read more

WTI drops to fresh weekly lows below $39 amid virus risks, IEA forecast

WTI (August futures on Nymex) extends the steep declines seen on Thursday to drops over 1.50% in the European session this Friday. The oil bears breach the 39 level to hit the lowest levels in eight days at 38.76.

Oil News