DAILY SPOT AUDJPY - Tuesday's call and technicals
This week’s signals have continued to point higher, but with prices testing their 200 day average rate the call is a cautious one which also points to buying dips. Monday saw sentiment trade sideways however is a small 29 pip range for a little changed close. The potential for pullback is high, and sellers have returned to the market in Asia this morning ending a sequence of higher daily lows. This is negative and although the pullback should be temporary the outlook for Tuesday is bearish and the call is to sell on the open and then at 80.22, the 200 day average rate with a stop loss at 80.52, December’s Marabuzo line. Targets are to 79.55, Friday’s open, 79.00, last week’s base and 78.49, April’s low trade.
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