AUD,NZD/FXWW News/Technical Analysis/Trade Ideas/USD/JPY

AUD/USD: Latest bids filled and it still looks heavy. USD/JPY nearing technical resistance.

Despite the solid demand from the BIS, the AUD/USD is still looking heavy. I’ve added to my long position below .9230 and I’m hoping that technical support in AUD/USD at .9220 and technical resistance in USD/JPY at 97.60 will be enough to repels those persistent USD bulls.

One slight positive for the AUD is that AUD/JPY is poking its nose back above .90.00.

  1. AU is just a bit crazy … A big candidate for a correction but hard to get the good timing. What’s your stop on that one ? I shorted (light) EURAUD at resistance (4350) seems this one can be a runner if Aussie begins to make his move.

  2. Hi Sean, I found it curious that you are bearish on USDJPY. The traditional risk-off benefit for Yen may not materialize in the changed context. And with BOJ looking for fresh stimulus and hugely beneficial shift in interest differentials in favor of USD; all in all I think it should be bullish UJ than the other way round.
    Any thoughts?

  3. Hi Brijesh, recent moves by hedge funds to dump assets across all mkts led to the big rise in the Yen and I don’t think these moves are done yet. Therefore overall bearish USD/JPY but think its safer to sell USD against AUD or GBP, if can find right level. That’s a very big IF

  4. hy sean,

    im also long in audusd, as i hope technical support will hold, as we are oversold in all other pairs against usd too.
    so where do you put your sl in audusd?

  5. Disagree a bit here. Apart from other reasons, I think Abenomics really changed the ‘Yen safe haven’ story, though the flows will point to it for near term. But it seems to be best trade with Abe wanting weaker yen and US looking good + repatriation. As always, I could be very wrong.
    BTW, I am looking at GBP short with 57 stops. I hope I get a decent bounce to see into.

  6. yeah thought the same put SL, in around 9180

    what dog you think about eurjp? i thought selling around 130-129,90, but could it be that we have seen the lows in usdjpy and eurjpy already and wil head towards new high?

  7. Really not sure Chris, my thinking tends to be a bit muddled when I’m on the wrong side of a trade, like the AUD currently, sorry not of much help

  8. AUD will bounce from somewhere – but sellers a plenty on rises. Gold is looking horrible and seems inevitable we break April lows.

    Only pair for AUD I like long is AUDJPY …. think the Bernanke and Abenomics trains might help the cross bulls – we also rose out of fibo support from under 90

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