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16 Apr 2013
Forex Flash: Investors may be looking for further USD/JPY consolidation - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that in the current environment, investors may be looking for a further consolidation of prior JPY shorts.
He is expecting potential for a further test towards the 200D MA at 84.91 and the 55D MA at 94.57. Moving to AUD/USD, he feels that in the near term, investors should look for the pair to remain heavy under the fallout from gold prices overnight and the less than encouraging growth numbers out of China yesterday. They write, “Of late, our decision to remain suspicious of undue AUD/USD upside has proved fortuitous and the pair may remain top heavy if the 55-day MA (1.0357) and the 200-day MA (1.0397) are not retaken.”
He is expecting potential for a further test towards the 200D MA at 84.91 and the 55D MA at 94.57. Moving to AUD/USD, he feels that in the near term, investors should look for the pair to remain heavy under the fallout from gold prices overnight and the less than encouraging growth numbers out of China yesterday. They write, “Of late, our decision to remain suspicious of undue AUD/USD upside has proved fortuitous and the pair may remain top heavy if the 55-day MA (1.0357) and the 200-day MA (1.0397) are not retaken.”