24 Oct 2013
Scary China news Wednesday sends AUD/JPY reeling; strong China PMI Thursday gives it a boost
FXstreet.com (Barcelona) - AUD/JPY bounced on the news that China’s Manufacturing PMI hit seven-month highs – partially offsetting the bearish reaction to the Chinese credit concerns from Wednesday.
AUD/JPY reacting bullishly to China PMI
AUD/JPY is reacting bullishly to a better-than-expected Chinese Manufacturing PMI but so far has failed to even retrace 38.2% of the Wednesday decline.
For the rest of the session Thursday, AUD/JPY traders will be monitoring the overall mood of investors as well as a speech being given by RBA Governor Lowe for directional clues.
Technical outlook for AUD/JPY
Technicians say the first resistance for AUD/JPY will come in at 94.26 – the 38.2% retracement of the Wednesday decline. Above that comes additional Fibonacci resistance at 94.51. Support comes in at Wednesday’s lows at 93.42 and is followed up by horizontal line support at 92.54.
AUD/JPY reacting bullishly to China PMI
AUD/JPY is reacting bullishly to a better-than-expected Chinese Manufacturing PMI but so far has failed to even retrace 38.2% of the Wednesday decline.
For the rest of the session Thursday, AUD/JPY traders will be monitoring the overall mood of investors as well as a speech being given by RBA Governor Lowe for directional clues.
Technical outlook for AUD/JPY
Technicians say the first resistance for AUD/JPY will come in at 94.26 – the 38.2% retracement of the Wednesday decline. Above that comes additional Fibonacci resistance at 94.51. Support comes in at Wednesday’s lows at 93.42 and is followed up by horizontal line support at 92.54.