Daily Outlook

AUD/USD has surged to fresh month highs 0.7570 after a strong NFP report led to widespread buying of Global stocks. The ‘risk on’ environment helped the Australian Dollar to rally sharply after initially falling to the strong USD. Resistance is now seen at 0.7650 the high in June.

The election resolution over the weekend is helping the AUD remain buoyant in Monday Trade Asia and the ASX200 is breaking above 5300 to fresh multi week highs as well.

The US Dollar failure to maintain gains across the board after an impressive +287k print for Junes Non farm Payrolls vs. +11k in May has been put down to disbelief such numbers can be repeated and also uncertainty that such a number will significantly change the FED’s Rate hike path this year.

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AUD/USD Intraday: further advance. Pivot: 0.7520 Our preference: long positions above 0.7520 with targets @ 0.7580 & 0.7600 in extension. Alternative scenario: below 0.7520 look for further downside with 0.7490 & 0.7465 as targets. Comment: the RSI is mixed to bullish. Supports and resistances: 0.7630 * 0.7600 * 0.7580 ** 0.7560 Last 0.7520 *** 0.7490 ** 0.7465 **

Ticker : AUD

USD/JPY Intraday: the upside prevails. Pivot: 100.50 Our preference: long positions above 100.50 with targets @ 101.90 & 102.40 in extension. Alternative scenario: below 100.50 look for further downside with 100.20 & 99.98 as targets. Comment: the RSI is supported by a bullish trend line. The pair broke above the upper boundary of the bearish channel. Supports and resistances: 102.80 ** 102.40 ** 101.90 *** 101.27 Last 100.50 *** 100.20 * 99.98 **

Ticker : JPY