Convergence at 96
This week's BoJ policy meeting will help nudge the Yen, while recent good AUD data has created a demand zone for the Aussie. This has not been consolidated yet, and we will have to see whether the economy favours AUD going forward. This pair is not a safe bet in any case. Due to USD strength, it is not a matter of going long or short, but of deciding when to move.
Although the technicals seem to indicate the possibility of a small rebound embedded in a larger timesframe downtrend, the fundamentals are set for a longer range. Luckily, as we saw just last week, the fundamentals may change in a matter of seconds.
The bias is bearish, considering market sentiment and price action, but none of these currencies are strong enough at the moment to determine a direction clearly.
Although the technicals seem to indicate the possibility of a small rebound embedded in a larger timesframe downtrend, the fundamentals are set for a longer range. Luckily, as we saw just last week, the fundamentals may change in a matter of seconds.
The bias is bearish, considering market sentiment and price action, but none of these currencies are strong enough at the moment to determine a direction clearly.
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