AUD/JPY spiked to 100.34 but the sellers have returned and knocked it back to 99.86. I think that pair is where the real action is but let’s take a look at the AUD/USD orderboard as the 200-day moving average at 1.0389 comes under pressure.
Medium size demand is cited around the 200-day moving average and down to 1.0380. More bids at 1.0365/60, which is the 55-dma. Better bids around 1.0350.
Stocks are quickly losing momentum and the Australian dollar is pointing toward more declines, in my opinion. Otherwise, it’s difficult to make any sense of the move given the outstanding Aussie retail sales data.
