Rosen's Daily

Trading Discussion Trade Journals
607

AUD/JPY has been posting relatively mixed signals since late May as price fluctuated around 82.44. The pair consolidated around those levels with a low of 81.89 which happened to be outside the medium-term downtrend trading channel. Bears, however, couldn’t sustain the momentum.

The pair is now back to the consolidation levels currently trading at 82.46, but the positive thing about the AUD bulls is that price is now back into the trading channel. This could mean that market participants might now endorse the idea to go North to first potential target at 84.00.

Should this level be reached, major bull target is seen at 85. The Australian dollar will need a lot of bull power to go to the other end of the trend. Important data is scheduled for tomorrow - RBA Interest Rate Decision (Jun) and that might give the pair certainty in direction.

608

EUR/NZD’s price is currently sitting back at the 1.57000 support. We also have the ascending trendline close to price. We are watching this pair to see whether price gets rejected back by bullish buying momentum or breaks through by bearish sentiment. Today’s candle doesn’t indicate a rejection from support however, has held above. We will continue to watch the daily candle closes within his pair.

In order for bullish trend to continue, price needs to bounce off 1.56 level. Major bull target is seen at 1.63 which is the upper trendline in the long-term ascending channel.

On the other hand, if price breaks key level 1.56, we might be in for bearish continuation and potential major bear target at 1.47.

No news are scheduled for today for either pair which could mean that we are in for a calm day with low volatility and technical trading.