JPY Trading Outlook (07-10-2013)
CROSSES: EUR/AUD offered us a ‘no-brainer’ risk-reward entry level on Friday near recent chart highs (see chart) but is now back at mid-range levels and much more difficult to pick. GBP/AUD dropped even more sharply but will run into decent support levels near 1.6900. AUD/NZD support levels at 1.1200 continue to hold and I favour a test of topside resistance levels near 1.1650 in coming weeks. AUD/JPY is another in consolidation mode and I favour buying dips towards strong technical support 90.00/50.
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