Despite crippling CPI data - I feel that there is still a strong bias on AUD.
Reasons why I believe AUD bias is still strong
- Commodities are up and futures still running high - speculated on or out, that's the direction of the market
- RBA still has plenty of room to move in interest rates and AU derived bonds still looking healthy in immediate short term
- Domestic labour market still in good shape and adjusting at good rate away from mining sectors.
Reasons why AUDJPY will go up:
- BOJ announcement tomorrow will be dovish no what as a proxy intervention to depreciate Yen
- Commodities rally leading to massive on risk market behaviour
- Because its Yen
Plan: Looking for price to touch .230 fib and trend support and sit out BOJ and watch price action.
Until commodities clam down - AUD will continue its slow rebound
Reasons why I believe AUD bias is still strong
- Commodities are up and futures still running high - speculated on or out, that's the direction of the market
- RBA still has plenty of room to move in interest rates and AU derived bonds still looking healthy in immediate short term
- Domestic labour market still in good shape and adjusting at good rate away from mining sectors.
Reasons why AUDJPY will go up:
- BOJ announcement tomorrow will be dovish no what as a proxy intervention to depreciate Yen
- Commodities rally leading to massive on risk market behaviour
- Because its Yen
Plan: Looking for price to touch .230 fib and trend support and sit out BOJ and watch price action.
Until commodities clam down - AUD will continue its slow rebound
Order cancelled:
Lucky me
