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FOREX: ###POV: TECHNICAL SIGNALS TURN AGAINST AUD/USD; NOW FAVOUR EUR/JPY
- According to MNI analysis, technical signals have turned bearish against
AUD/USD and have moved most positively toward EUR/JPY.
- Cloud levels are uniformly negative for AUD/USD and daily trend lines remain
bearish on a short-, medium- and long-term trend basis. These technical signals
may suggest that today's rally in AUD (primarily off the back of higher
industrial commodities prices) is built on weak technical fundamentals.
Nonetheless, it's worth noting the A$1.09bln option expiry at $0.78 is due to
roll off on Friday.
- In contrast, EUR/JPY signals have begun to turn more positive with cloud chart
levels unanimously pointing at bullish momentum. Despite this, stiff resistance
is expected should the cross continue toward the 2017 high at 134.50.