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23 Sep 2013
Risk bulls watching like hawks the 93.15 support in AUD/JPY
FXstreet.com (Barcelona) - AUD/JPY gapped below the key “correction support” level at 93.15 early Monday morning but has rebounded back above that “line in the sand” quickly.
AUD/JPY, as the key non-euro tell for the global risk appetite, is hanging on for dear life
Global money managers are trying to come to terms with the rather unnerving trading in risk assets Thursday and Friday – mainly Friday. Right now, a big short-term win for the bears was Friday’s close below possible “correction support” of 1705 in the S&P futures. Global risk bulls are holding onto the fact that the key risk currencies are not yet confirming the break in the S&P futures. The key risk currency not directly influenced by the German elections is AUD/JPY. As noted above, the bulls need AUD/JPY to at least close above the “correction support” at 93.15 to keep the bullish tone in the very short-term.
Technical outlook for AUD/JPY
Elliott Wave technicians say the AUD/JPY is desperately trying to hold onto wave “c” of “abc” support at 93.15. Support below that comes in at 92.83 and 92.63. A close above 94.09 is needed to reverse the current bearish technical tone.
AUD/JPY, as the key non-euro tell for the global risk appetite, is hanging on for dear life
Global money managers are trying to come to terms with the rather unnerving trading in risk assets Thursday and Friday – mainly Friday. Right now, a big short-term win for the bears was Friday’s close below possible “correction support” of 1705 in the S&P futures. Global risk bulls are holding onto the fact that the key risk currencies are not yet confirming the break in the S&P futures. The key risk currency not directly influenced by the German elections is AUD/JPY. As noted above, the bulls need AUD/JPY to at least close above the “correction support” at 93.15 to keep the bullish tone in the very short-term.
Technical outlook for AUD/JPY
Elliott Wave technicians say the AUD/JPY is desperately trying to hold onto wave “c” of “abc” support at 93.15. Support below that comes in at 92.83 and 92.63. A close above 94.09 is needed to reverse the current bearish technical tone.