Weekly Technical Outlook: AUD/JPY ; Market Forecasts for August 3rd – August 7th

    • Stop loss  89.32
    • Entry level 90.25
    • First Target at 91.81
    • Next targets to test at 92.39, 92.88
Weekly Technical Outlook: AUD/JPY ; Market Forecasts for August 3rd – August 7th
Weekly Technical Outlook: AUD/JPY ; Market Forecasts for August 3rd – August 7th

audjpy1audjpy2Technical Analysis

AUD/JPY is looking for consolidation pattern from 89.32 and is still seen in progress. The price rested the levels around 90.00 levels and closed above 90.00 levels. A break of 90.5861 is needed to confirm up trend resumption. Otherwise, we’d likely see more corrective sideway trading if pair breaks below 89.32 and our bullish view on the pair will turn out to be false and would extend to the downside to new lows.

In the bigger picture, whole medium term up trend is looking stronger with support area finding price action generating engulfing bar reversal confirming the upward bias and a shift in momentum and rebound from here is expected strongly.

A break at 90.25 should pave the way possibly by just developing into a strong sideway consolidation pattern at 91.81. Once here, it should look to reach 92.39 and later at 92.88 resistance zone. Outlook remains sideways for the week.

Economic

      • TD securities Inflation, HIA New Home sales
      • Trade Balance, Retails Sales and RBA Statement with Interest Rate Decision
      • Participation Rate, Unemployment Rate and Employment Change Rate for the Aussie.
      • Leading Economic Index, Coincident Index for the Japan
      • BOJ Monetary Policy Statement with Governor Kuroda Speech.

Area of Interest

      • Strong support at 90.00 which is flip area for current levels.
      • Bullish pattern confirmed with Engulfing bar reversal at support levels are stronger and look for upward bias.
      • Pair finding support on trend line and price action holding the levels.
      • Key area to target to the upside shall be at 92.25 around fib level of 38.6 – and 92.96 at 50.0%.

 

For more detailed analysis from the author, please visit NoaFX.

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