Wednesday, 19 April 2023

AUDJPY Move Above 90.30 R Zone

AUDJPY Breaks The 90.30 Resistance Zone:

The AUD/JPY pair took a upward movement, starting from 86.847 since March 24 2023. It continues a bullish movement till date.

This movement was determined by the demand and supply force tied to economic activities between both countries.

ln view of the (RBA) Reserve Bank Of Australia hike option and also BoJ rollout anticipation on inflation, range of 1.6 to 1.9% for CY2025, it has broken it's resistance zone 90.30.

The global economy, inflation, household spending, work force will be considered by the RBA future cash rate policy.

Also considering the media briefing by Philip Lowe, governor, on review of the RBA come tomorrow April 20 2023. Will the outcome of the governor's speech bust the AUDJPY bullish movement.

Can this force keep the pair in an upward direction that will break 93.200 level? if economic activities stimulate it's bullish ride.


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PMIs Release And Friday FX Market

Can PMIs release drive FX market Friday this week?

For US:

Friday Market outlook: S&P global - manufacturing and services PMIs.

S&P global manufacturing and services PMIs is created by S&P Global and chartered institute of purchase and supply from the response questionnaires that is sent to purchasing managers in a panel of about 800 manufacturers.

This is determined by detail company work force size contribution to GDP.

Insight with respect to the S&P global manufacturing and services PMIs, market sees a slight drop with the manufacturing diffusion index target at 49.0 (from 49.2) and services at 51.5 (52.6).

Will the market run with this data point, but if it print below 50.0 on either metric that will be difficult to ignore and result in USD selling and gold for bull move.

UK:

Friday - S&P global PMIs. On focus their is a good improvement with the manufacturing diffusion index aimed at 48.0 (from 47.3), while services may improve at a slightly slower pace at 54.5 (55).

EURUSD 1-week implied volatility keeps it at 13th percentile of the annual range, market is showing signs, which likely will not affect its demand and supply flow.

The PMIs release complied by the chartered institute of purchase and supply and the S&P Global, It's data shows the economic activities in the UK service sector. This does not affect the GDP mainly.

The manufacturing PMI also plays an important role in the flow of demand and supply components in the market outcome. If reading above 50 is a positive GBP and below 50 that's a reduction for negative outcome.


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