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JPY Weakness Extends, EURAUD Bounces Back To Breakdown Point

FOREX
  • With crude futures under significant pressure on Monday and equities spending the first half of the session on a firmer footing, USDJPY extended its technical breakout above 116.35 from Friday, rising a further 0.7% to start the week, breaching the 118 mark.
  • The weakness in oil prices lent support to EUR crosses with a notable 1.65% advance for EURAUD, rallying to within six pips of the pivotal breakdown point in recent weeks at 1.5250. Additionally, AUDUSD is trading 1.32% lower today as the pair extends the pullback from 0.7441, the Mar 7 high. A deeper correction is manifesting as the price pattern on Mar 7 - a bearish shooting star candle - remains in play. Monday’s move lower has breached the 50-day EMA at 0.7223 - a key support.
  • Euro crosses were the main beneficiaries throughout the session, continuing their ascent as equities took a turn lower over reports regarding China's Supposed Support for Russia. Despite a late recovery off the lows, the USD index resides in negative territory for Monday’s session.
  • RBA minutes will be released overnight, followed by Chinese retail sales data. Turning to the European session, UK employment data and ZEW sentiment figures are on the docket.
  • US PPI data as well as Empire State manufacturing headline the US session with markets having a clear focus on Wednesday’s FOMC decision.
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