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5 Jun 2013
AUD/JPY searching for bids near 96.00
FXstreet.com (Barcelona) - The AUD/JPY is leaking lower in Asia trade, down 45 pips at 96.20 and hovering just above critical support at the 96.00 area. Aussie GDP was released earlier in the session which was the initial catalyst to spark some intra-day volatility.
According to analysts at NAB Global, The headline 0.6% GDP growth from today’s March quarter national accounts was only marginally shy of market expectations of 0.7% and that of our own revised up yesterday from 0.4%. Annual growth has now declined back into the 2s, at 2.5%, from its 3.2% pace at the end of last year. They went on to add, The economy is now at that watershed moment as the mining investment boom has either passed its peak or about to, transitioning to a lower growth plane, awaiting signs of a decisive pick up in other elements of domestic spending.
The FXStreet.com Trend Index remains in slightly bearish set up on the daily chart, while the ob/os index reads oversold. Both short term moving averages and the RSI (14) are also in bearish set up. Initial support sits at 96.00 (noted above), followed by 95.60 (daily chart support). Initial resistance sits at 96.80 (high of day), followed by 97.11 (the 9 dma).
According to analysts at NAB Global, The headline 0.6% GDP growth from today’s March quarter national accounts was only marginally shy of market expectations of 0.7% and that of our own revised up yesterday from 0.4%. Annual growth has now declined back into the 2s, at 2.5%, from its 3.2% pace at the end of last year. They went on to add, The economy is now at that watershed moment as the mining investment boom has either passed its peak or about to, transitioning to a lower growth plane, awaiting signs of a decisive pick up in other elements of domestic spending.
The FXStreet.com Trend Index remains in slightly bearish set up on the daily chart, while the ob/os index reads oversold. Both short term moving averages and the RSI (14) are also in bearish set up. Initial support sits at 96.00 (noted above), followed by 95.60 (daily chart support). Initial resistance sits at 96.80 (high of day), followed by 97.11 (the 9 dma).