Technical Update- AUDJPY, AUDUSD, AUDEUR, EURUSD, GBPUSD, USDJPY & USDCHF

A Softer Labour Market In Australia And Its Possible Consequences

AUDJPY:  Correction with support at around 90.00 and 90.9. RSI still showing bullish sentiment with no divergence indicating the pair is likely to resume uptrend after a correction.

Source: Saxo Group

AUDUSD: The cluster of SMA’s were too strong to penetrate – see previous FX Technical Update. AUDUSD has resumed bearish trend and seems to find some support at around 0.6930. However, down trend seems strong and May lows at around 0.6830 is likely to be tested, after a likely minor rebound next couple of days. To reverse this scenario a move above 0.7285 is needed.

Source: Saxo Group

AUDEUR bullish break out of falling trend has been reversed and the pair is now trading below rising trend line. Support at around 0.6550 could be tested.

Source: Saxo Group

EURUSD: Got rejected at falling short term trend line a few pips below 1.08. When dropping below key support at 1.0625 bear trend resumed. RSI below 40. A minor rebound to around 1.05 should be expected.
May lows are likely to be tested and taken out.

Source: Saxo Group

EURUSD Bigger view: If taking out 1.0350 EURUSD which is quite likely the pair is set for a move towards 1.00.

Source: Saxo Group

GBPUSD has broken below May lows. Some minor rebound should be expected next couple of days. Key support is at around 1.21-1.2075. (weekly chart)

Source: Saxo Group

USDJPY looks short term toppish currently being rejected at the 1.764 projection of the May correction at 135. Divergence on RSI indicates price exhaustion and a set back down to around 130 is not unlikely. To extend the uptrend 135.20 needs to be taken out.

Source: Saxo Group

USDCHF rejected at 1.00 trying to regain strength for a possible new attempt. However, a set back from here in a corrective move down to around 0.98 is not unlikely before buyers are likely to regain control. If 1.00 is broken a move to around 1.0265 is in the cards.

Source: Saxo Group

Source: Technical Update- AUDJPY, AUDUSD, AUDEUR, EURUSD, GBPUSD, USDJPY & USDCHF | Saxo Group (home.saxo)

A Softer Labour Market In Australia And Its Possible Consequences

Kim Cramer Larsson

Kim Cramer Larsson started his career in 1996 as an equities trader focusing on the US and Asian markets with BG Bank, London. In 1997, Kim relocated to BG Bank, Copenhagen (BG Bank was acquired by Danske Bank in 2000) to the position of equities trader and portfolio manager. 

Kim began using technical analysis as a trading tool from 1997. In 2005, Kim was promoted to the position of technical analyst in the FX & Fixed Income Research department at Danske Bank. In his current role, Larsson focuses on technical analysis of equities, equity indexes, forex pairs, and more for Saxo Bank. Larsson’s views and analyses can be found on Saxo’s News & Research hub as well as at Saxo’s Academy where he hosts webinars focusing on chart analysis.