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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUD
AUD/JPY has rallied ~4.5% off 2023 lows seen in late March printing its highest level since March 14. Yesterday's rally saw the cross firm above its 20-Day EMA (¥89.08) before meeting resistance above ¥90.
- Softer US Treasury yields and technical flows in AUD/USD helped, while the 50-Day EMA was breached, signaling scope for a stronger short term recovery. These factors saw the AUD outperform yesterday.
- Whilst the technical trend is bearish, having broken above the 20-Day EMA, bulls now target the 200-Day EMA (¥91.11) to turn the tide.
- Bears target a break of ¥88 handle to target 2023 lows at ¥86.06.
- At today's meeting the RBA is expected to hold the cash rate steady at 3.6%, the MNI preview is here.
Fig 1: AUD/JPY Daily Spot, EMAs
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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