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Cycle Highs In Sight For USD/JPY


Outlook Remains Bearish

AUSSIE: AUD lent on the NZD in the wake of the strong NZ labour market data,
with AUD/USD moving to a high of $0.7247, last $0.7235, although AUD
understandably lagged NZD on the move.
- AUD/USD based ahead of the $0.7200 level Tuesday to keep the rate's recovery
intact. Bulls target a break of $0.7259 before focusing on the 100-DMA & 23.6%
of the 2018 range at $0.7268/84 to extend gains. Bears need to break back below
the 50-DMA at $0.7161 to test broken down trendline resistance-turned-support
from the Feb highs, which comes in at $0.7150.
- Tomorrow's RBNZ will provide some interest ahead of Friday's AU housing
finance data.
MNI London Bureau | +44 0203-865-3809 |