Back
4 Jun 2014
AUD/JPY awaiting AUS GDP while testing 95.00
FXStreet (Guatemala) - AUD/JPY is trading at 94.96 on the open, having posted a daily high at 95.08 and low at 94.91.
AUD/JPY is testing the 95.00 handle again and sticking to the level on the open in Tokyo. With their being nothing from Japan, we look across to Australia for impetus and Sean Callow, analyst at Westpac Banking Corporation ABN explained that Australia’s Q1 GDP report is shaping up as the strongest since Q1 2012 (11:30am Syd/9:30am Sing/HK). “The various surveys over the past week (construction, capex, inventories, net exports, public finance etc) have seen Westpac raise its forecast to 1.1% q/q, 3.4% y/y”. He further added that the key growth drivers should be exports, consumption and residential construction, with business investment near flat, govt spending and inventories detracting. It will be watched closely by the RBA and has a history of impacting AUD. Each GDP release over the past year has moved AUD/USD by between 0.2% and 0.7%”.
AUD/JPY Levels
Current price is 94.97, with resistance ahead at 94.97 (Weekly High), 94.99 (Daily Open), 95.08 (Daily High), 95.09 (Yesterday's High) and 95.18 (Weekly Classic R1). Next support to the downside can be found at 94.96 (Daily Classic R1), 94.91 (Daily Low), 94.87 (Hourly 20 EMA), 94.63 (Daily 20 SMA) and 94.61 (Daily Classic PP).
AUD/JPY is testing the 95.00 handle again and sticking to the level on the open in Tokyo. With their being nothing from Japan, we look across to Australia for impetus and Sean Callow, analyst at Westpac Banking Corporation ABN explained that Australia’s Q1 GDP report is shaping up as the strongest since Q1 2012 (11:30am Syd/9:30am Sing/HK). “The various surveys over the past week (construction, capex, inventories, net exports, public finance etc) have seen Westpac raise its forecast to 1.1% q/q, 3.4% y/y”. He further added that the key growth drivers should be exports, consumption and residential construction, with business investment near flat, govt spending and inventories detracting. It will be watched closely by the RBA and has a history of impacting AUD. Each GDP release over the past year has moved AUD/USD by between 0.2% and 0.7%”.
AUD/JPY Levels
Current price is 94.97, with resistance ahead at 94.97 (Weekly High), 94.99 (Daily Open), 95.08 (Daily High), 95.09 (Yesterday's High) and 95.18 (Weekly Classic R1). Next support to the downside can be found at 94.96 (Daily Classic R1), 94.91 (Daily Low), 94.87 (Hourly 20 EMA), 94.63 (Daily 20 SMA) and 94.61 (Daily Classic PP).