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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 83329, member: 33464"] [b]AUDJPY Trend Overwhelmingly Negative as Japanese GDP Impresses[/b] [B]Key Highlights[/B] • Japanese Yen managed to gain bids against a few major currencies, including the Australian Dollar. • Japanese Gross Domestic Product released by the Cabinet Office posted an increase of 0.6% in Q1, compared to the forecast of 0.4%. • Australian Westpac Consumer Confidence released by the Faculty of Economics and Commerce Melbourne Institute increased by 6.4% in May 2015. [B]Japanese GDP[/B] Earlier today, the Japanese Gross Domestic Product, representing the monetary value of all the goods, services and structures produced in Japan was released by the Cabinet Office. The market was expecting an increase of 0.4% in the first quarter of 2015, compared to the preceding quarter. However, the outcome was above the forecast, as the Japanese GDP rose by 0.6%. [B]AUDJPY - Technical Analysis[/B] The Australian Dollar after spiking above the 97.00 resistance area against the Japanese Yen fell lower to trade near 95.50-40. The AUDJPY breached the 200 hourly simple moving average, but later managed to recover the ground. There is an expanding triangle pattern formed on the hourly chart of the AUDJPY pair, which might act a catalyst for the pair. [IMG]http://s16.postimg.org/wmpex54md/AUDJPY_05_20_2015.png[/IMG] On the upside, the most important hurdle is around the triangle upper trend line, i.e. coinciding with the 100 simple moving average. Moreover, the 38.2% Fib retracement level of the last drop from the 97.29 high to 95.37 low is also around the 96.00-10 resistance area. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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