Why we look to long AUDJPY?
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MARKET OUTLOOK
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AUD - BULLISH
1️⃣ Investors pushed the US Dollar to fresh 2-year lows in early Asian trade amid delayed fiscal stimulus for the American economy.
2️⃣ Australian Government signed an agreement with UK-based drug company AstraZeneca to secure the potential COVID-19 vaccine developed by Oxford University, if its trials prove successful.
3️⃣ Westpac-Melbourne Institute Leading Economic Index in Australia rose by 0.1% month-over-month in July, posting the smallest gain in three months.
JPY - BEARISH
1️⃣ Investors cheered prospects of further stimulus for the US economy after US House Speaker Nancy Pelosi indicated that a stimulus deal may still be reached if Democrats cut their stimulus proposal in half.
2️⃣ Receding safe-haven demand undermined the JPY.
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TECHNICAL
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- We are looking to long AUDJPY on RBS level + SMA50 area on H1 chart. Stop loss under pivot point .
- AUDJPY in bullish zone.
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RISK TO THIS TRADE
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- Stop loss will hit if market sentiment turns to risk-off mode.
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MARKET OUTLOOK
=====
AUD - BULLISH
1️⃣ Investors pushed the US Dollar to fresh 2-year lows in early Asian trade amid delayed fiscal stimulus for the American economy.
2️⃣ Australian Government signed an agreement with UK-based drug company AstraZeneca to secure the potential COVID-19 vaccine developed by Oxford University, if its trials prove successful.
3️⃣ Westpac-Melbourne Institute Leading Economic Index in Australia rose by 0.1% month-over-month in July, posting the smallest gain in three months.
JPY - BEARISH
1️⃣ Investors cheered prospects of further stimulus for the US economy after US House Speaker Nancy Pelosi indicated that a stimulus deal may still be reached if Democrats cut their stimulus proposal in half.
2️⃣ Receding safe-haven demand undermined the JPY.
=====
TECHNICAL
=====
- We are looking to long AUDJPY on RBS level + SMA50 area on H1 chart. Stop loss under pivot point .
- AUDJPY in bullish zone.
=====
RISK TO THIS TRADE
=====
- Stop loss will hit if market sentiment turns to risk-off mode.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.