Time of association
11/1/2015 9:25:52 AM
AUD/JPY has been making recovery efforts up to meet the 4hr 20 sma at 82.56, but has been unsuccessful yet again to persuade on the break with supply and risk aversion punishing the cross back down and contained in the steep sliding channel. The Japanese yen has been the best performer in these situations and lost the 117 handle overnight. The Aussie has also been pressured in a similar way and too has made fresh lows since Sep 2015 business. This has left the cross to trade at multi month lows and at the lowest point since Sep 2012, testing the 200 month SMA at 81.35 having marked a low through that and below the 81 handle to 80.88. There is little in the way of supportive fundamentals out there for the Aussie currently and the market is waiting for fresh push. This week comes with the Aussie jobs data after China trade balance. At this step, though, most of the shock has been positioned into the price and it might take something more terrible to drive the cross lower more in such a steep channel as last week, while a period of stabilization might be on the cards should data only continue to disappoint marginally beyond expectations.