It looks like a successful break-and-retest. AUD/JPY found resistance at the former support level around 74.25 and is resuming its slide to the next downside targets.
The 38.2% Fibonacci extension level appears to be holding as support at the moment, but stochastic has room to move lower before reflecting exhaustion among sellers. Bearish pressure could still take the pair down to the next support areas, possibly around the 50% Fib that lines up with the swing low and around s1-s2 of the weekly pivot. Worst case for Aussie bulls should lead the price lower dip extension at 78.60% which line up with the s3.
Another speech by RBA Governor Lowe is coming up soon, and negative remarks could hurt the Aussie, especially if risk appetite stays lows.
The 38.2% Fibonacci extension level appears to be holding as support at the moment, but stochastic has room to move lower before reflecting exhaustion among sellers. Bearish pressure could still take the pair down to the next support areas, possibly around the 50% Fib that lines up with the swing low and around s1-s2 of the weekly pivot. Worst case for Aussie bulls should lead the price lower dip extension at 78.60% which line up with the s3.
Another speech by RBA Governor Lowe is coming up soon, and negative remarks could hurt the Aussie, especially if risk appetite stays lows.
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Australia December home loan value +4.4% m/m vs +1.6% expected
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Risk stays in a better mood so far plus some positive outlook reports from Australia can lead this pair to test back @ 74.25 key resistance level
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WHO's Tedros:
- The first vaccine could be ready in 18 months
- new coronavirus will be called COVID-19
- The coronavirus is more transmissible but less severe than SARS
- The first vaccine could be ready in 18 months
- new coronavirus will be called COVID-19
- The coronavirus is more transmissible but less severe than SARS
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S&P says coronavirus outbreak will cut 0.5% from Australia's real GDP growth in 2020
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Price is ascending triangle (bilateral family) indicating continuation or break out lower in aussieYen! 74.25 holding tight still. Buyers may enter aggressively in this pair if only the hard ceiling gets to break out with high bullish momentum. Price breaking out of the ascending triangle lower trendline (pointing upward slope) may signal bearish taking advantage of the risk-off situation which may possibly continue our Fibonacci extension plan to hit 50% Fib that lines up with the swing low and around s1-s2 of the weekly pivot. Be careful with global risk sentiment concern to COVID-19 which can signal us further what will be favorable to do.
The market is feeling better about coronavirus with no signs of widespread outbreaks outside of China and the number of new cases falling in China (at least officially).