AUDJPY Daily Outlook 20-07-20 – Last week the USD ended at a net loss in the battle between COVID-19 headlines, Fed speaks, and improving U.S. economic data that had traders bouncing back and forth all week. Meanwhile, the US business executives who were bracing for a monthslong disruption due to the coronavirus are now thinking in terms of years.
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 Monday the main economic events are Japan’s inflation rate and RBA Meeting Minutes.
Today I’m looking at the AUD/JPY pair which has continued its consolidation below the 75 resistance level for the past 30 days, but has kept above the Ichimoku cloud on the 4-hour chart for the whole month of July so far.
The future cloud appears bullish but it remains flat. If Monday’s risk event create enough bullish moment, we could see the pair break above this level, opening doors for further gains towards 76.
However, a failure to break above the 75 level could result in further range trading between 75 and 74.
Do you think the AUD bulls are ready to take over? Head over to the comments section and let me know.
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