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20 Jun 2013
AUD/JPY break of 90.00 reveals further downside pressure
FXstreet.com (Barcelona) - After trading as high as 91.17 earlier in the session, the AUD/JPY closed the session sharply lower down 163 pips at 89.54.
HSBC China PMI on tap
The main economic event of the coming Asia session will be HSBC China PMI due out at 1:45GMT. According to analysts at NAB Global, “The other key event this morning should be the China HSBC ‘flash’ manufacturing PMI, last at 49.2 and expected to show a small rise to 49.4. Anything worse than this risks fresh downward pressure on the AUD and upward pressure on USD/Asia FX rates in general.”
Technical set up keeps bearish tilt
The FXstreet.com trend index remains slightly bearish on the daily chart, while the ob/os index remains neutral. Price remains below both the 9 and 20dma’s, and the RSI (14) is consolidating below 30 and maintaining the bearish zone between 20 and 60. Both of these developments may help limit advances as we progress through the end of the week. Initial resistance now sits at 90.00 (previous support, now resistance), followed by 90.80 (the 9dma). Initial support sits at 89.23 (low of previous day).
HSBC China PMI on tap
The main economic event of the coming Asia session will be HSBC China PMI due out at 1:45GMT. According to analysts at NAB Global, “The other key event this morning should be the China HSBC ‘flash’ manufacturing PMI, last at 49.2 and expected to show a small rise to 49.4. Anything worse than this risks fresh downward pressure on the AUD and upward pressure on USD/Asia FX rates in general.”
Technical set up keeps bearish tilt
The FXstreet.com trend index remains slightly bearish on the daily chart, while the ob/os index remains neutral. Price remains below both the 9 and 20dma’s, and the RSI (14) is consolidating below 30 and maintaining the bearish zone between 20 and 60. Both of these developments may help limit advances as we progress through the end of the week. Initial resistance now sits at 90.00 (previous support, now resistance), followed by 90.80 (the 9dma). Initial support sits at 89.23 (low of previous day).