Tickmill’s Investing Diva, AUDJPY Daily Outlook 07-04-20

<p>AUDJPY Daily Outlook – On Monday oil fell after Saudi Arabia and Russia delayed their meeting, Eurozone Construction activity fell at the fastest rate for over 11 years, Japan launched $1 trillion coronavirus stimulus package as Prime Minister Abe announces state of emergency, and China reported 39 new coronavirus cases as of Sunday, saw a rise in asymptomatic coronavirus cases, and said it would tighten controls at land borders.</p>
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<p>Yesterday, the US dollar and the Japanese Yen underperformed their major counterparts as the market mood notably improved. The S&amp;P 500 and Dow Jones were up over 7%, boosting the sentiment-linked Australian Dollar and New Zealand Dollar. This was probably because of stabilizing coronavirus cases and additional US fiscal stimulus bets. Will this sentiment continue the rest of the week? We shall wait and see.</p>
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<p>Today I’m looking at the AUD/JPY pair which despite the recent bullish momentum, has still been unable to break above the 67 resistance level… However, on the 4-hour chart, it has just broken above the Ichimoku cloud which could be an indication of continued bullish moment towards at least 67 which also falls on the 50% Fibonacci retracement level… Any bet further than this would be too risky in my opinion.</p>
<p>The same pattern is observed in AUD/USD, NZD/JPY and NZD/USD…</p>
<p>Do you think these pairs will continue their bullish momentum through the week? Head over to the Comments section and let me know.</p>
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