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AUDJPY – 80.00 Represents Major Resistance For Aussie Dollar

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Aayush Jindal

AUDJPY – 80.00 Represents Major Resistance For Aussie Dollar

Key Highlights

  • Aussie Dollar managed to find bids recently near 78.60 vs the Japanese yen and traded higher.
  • However, the AUDJPY pair is facing resistance near a bearish trend line formed on the hourly chart.
  • In Australia, the minutes of the Reserve Bank of Australia meetings were published, which pushed the Aussie Dollar higher.
  • Australian New Motor Vehicle Sales released by the Australian Bureau of Statistics posted a rise of 2.4% in April 2016.

AUDJPY Technical Analysis

The Aussie Dollar managed to gain strength recently and bounced against the US Dollar. The last hourly candle after the release of the minutes of the Reserve Bank of Australia meetings was very bullish.AUDJPY However, the AUDJPY pair is finding it very hard to break a bearish trend line formed on the hourly chart. The pair is finding a lot of offers near the trend line resistance area.On the downside, the 100 and 200 hourly simple moving averages are positioned, which may act as a support area if the pair moves down.

Australian New Motor Vehicle Sales

The Australian New Motor Vehicle Sales, which measures motor vehicle sales in Australia was released by the Australian Bureau of Statistics. The market was positioned for an increase of more than 4% in April 2016, compared with April 2015. However, the outcome was not great, as the Australian New Motor Vehicle Sales rose 2.4%.In terms of the monthly change, there was a decrease of 2.5% in April 2016. However, the minutes of the Reserve Bank of Australia meetings were published around the same time, and positivity helped the Aussie Dollar to gain traction.

US Consumer Price Index

Today in the US, there is a major economic releases lined up, as the Consumer Price Index, which is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services will be reported by the US Bureau of Labor Statistics. The forecast is lined up for a minor increase of 0.3% in April, compared with the previous month.In terms of the yearly change, the US CPI is expected to increase by 1.1%. If the outcome comes positive, then the US Dollar may gains bids and might also impact the risk sentiment in the short term.
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