AUDJPY Daily Outlook – Last week, the U.S. dollar ended the week mixed but net negative in a week filled with lots of Fed speak and historically bad U.S. economic updates. But the talks of opening the economy back up had traders more risk-friendly as they dumped the USD towards the weekend. The British pound, on the other hand, was a big net loser especially the beginning of the wee thanks to both no-deal Brexit fears and disastrous U.K. economic updates.
This week we’ll be focusing on New Zealand’s interest rate decision and Australia’s jobs report among other key economic data and the Coronavirus updates.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
Today I’m looking at the AUD/JPY pair on the long-term time frame, the monthly chart. The pair was able to pull itself back up from the lows of March in the past month and a half and avoided dropping to the lows of the 2008-2009 market crash period. This obviously has to do with the renewed optimism about the economies opening back up during the COVID-19 pandemic. However, we need to keep in mind that countries opening up could also mean another surge in the COVID-19 cases and therefore yet another blow to unemployment and the economy. With that, in my opinion, a revisit of the lows of 55 is still not out of the question.
Do you think the Coronavirus impact on the markets has ended for good? Head over to the Comments section and let me know.
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