AUDJPY Daily Outlook – On Wednesday the US stock market took a nosedive, oil held near $30 caught between demand loss and supply cuts, Fed’s Powell said the economy may face ‘extended period’ of weak growth, we found out that the UK GDP shrank by a record 5.8% in March, and there may be a harder COVID hit ahead.
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.
On Thursday we have some economic data from EU zone countries, the US weekly jobless claims, and a data dump from China including their retail sales and unemployment rate.
Today I’m looking at the AUD/JPY pair which appears to be in the process of forming a double top bearish reversal chart pattern. On the 4-hour chart, it’s already penetrating the Ichimoku cloud.
The neckline of this double top is sitting at 67.84. However, if the Ichimoku cloud supports the pair, we could see more gains going to next week towards 70, putting the AUD/JPY pair into a consolidation.
Do you think the AUD/JPY is ready for fresh losses? Head over to the Comments section and let me know.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% and 70% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.