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19 Jun 2013
AUD/JPY still searching for bids near 90.00
FXstreet.com (Barcelona) - The AUD/JPY closed the session slightly higher, climbing 20 pips to finish the day at 90.32. Thus far in Asia, the pair is inching lower down 19 pips at 90.13.
Economic data not having much influence in current Asia session
Earlier in the session, we saw AUD CB Leading indicator which came in at 0.3% vs. 0.1% (previous), as well as Westpac Leading Index which printed 0.6% vs. 0.2% (previous. We also saw some merchandise trade balance data from Japan which came in at -993.9B Yen vs. -1,200B Yen (forecast). However, neither the data from Australia or Japan had much influence on the pair so far in Asia trade.
Technical set up still points towards lower prices ahead
The FXstreet.com trend index on the AUD/JPY daily chart remains in slightly bearish set up, while the OB/OS index reads neutral. Furthermore, price remains below both the downward sloping 9 and 20 dma’s which may help limit advances over the next few days. On a final note, the RSI (14) remains in the bearish zone between 20 and 60, a sign sellers continue to have the upper hand on the momentum front. Initial resistance sits at 90.71 (previous day high), while first support sits at 89.81 (previous day low).
Economic data not having much influence in current Asia session
Earlier in the session, we saw AUD CB Leading indicator which came in at 0.3% vs. 0.1% (previous), as well as Westpac Leading Index which printed 0.6% vs. 0.2% (previous. We also saw some merchandise trade balance data from Japan which came in at -993.9B Yen vs. -1,200B Yen (forecast). However, neither the data from Australia or Japan had much influence on the pair so far in Asia trade.
Technical set up still points towards lower prices ahead
The FXstreet.com trend index on the AUD/JPY daily chart remains in slightly bearish set up, while the OB/OS index reads neutral. Furthermore, price remains below both the downward sloping 9 and 20 dma’s which may help limit advances over the next few days. On a final note, the RSI (14) remains in the bearish zone between 20 and 60, a sign sellers continue to have the upper hand on the momentum front. Initial resistance sits at 90.71 (previous day high), while first support sits at 89.81 (previous day low).