AUDJPY Daily Outlook 30-07-20 – On Wednesday the Federal Reserve said the U.S. economy faced major challenges from the pandemic and doubled down on its pledge to take aggressive action to support an eventual recovery, and Bank of England said the UK mortgage approvals bounced back in June.
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On Thursday we’ll be eyeing the German unemployment, GDP, and inflation rate as well as the US GDP growth and China’s NBS manufacturing PMI.
Today I’m looking at the AUD/JPY pair which found resistance at 76.6 last week and now maybe in the process of forming a double top bearish reversal chart pattern.
On the 4-hour chart, it has broken below the Ichimoku cloud and the future cloud appears bearish. The neckline of this potential double top is at 73 but that could be a long-shot as the pair is lacking momentum right now. A safer bet for short-sellers could be the 74 support level.
Do you think the AUD/JPY pair will find more bearish momentum on Chinese data on Thursday? Head over to the comments section and let me know.
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