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USD/JPY Fundamental Analysis: May 3, 2017

A relatively tame market plus a lack of economic readings coming from the US enabled the USD/JPY pair to push itself upwards during yesterday’s session, with the main catalyst being the recent increase in Treasury yields and US stocks. The USD/JPY gained momentum during the earlier parts of yesterday’s session after the benchmark yields on 10-year Treasury notes increased. However the currency pair eventually dropped in value when the Treasury notes plummeted by 2.298%. In spite of the currency pair closing down the previous session on a much higher note, the market found the pair’s movement to be pretty lackluster, which can be attributed to the three major economic data set to be released this week, namely the NFP report, the FOMC meeting minutes, and earnings reports from a handful of tech firms.
The USD/JPY pair could be in for a double-sided trading action during today’s session since there are several releases expected today from the US economy. The Federal Reserve is not anymore expected to increase its interest rates, although investors will be monitoring whether the central bank will be detailing the frequency of its future rate hikes as well as the schedule of these rate hikes.
Other external factors aside, if the Fed gives out a hawkish statement, then this could help prop up the USD and put downward pressure on the JPY. On the other hand, if the Fed statement comes out as dovish, then the USD/JPY pair could further drop in value after its consistent rally since April.

https://www.forexmart.com/analytical-reviews/read-more/1886/USD/JPY-Fundamental-Analysis:-May-3-2017

 

[SyazamFX]

AUD/USD Technical Analysis: May 4, 2017

The Australian dollar against the U.S. dollar declined during the Wednesday session as it dropped a whole level. The 24-hours exponential moving average (EMA) dropped abruptly while the 48-hour EMA broke lower than the 72-hour MA which signals a change of the trend in the market. There is a little interest in the market and the trend will most likely go downward. The short-term rally indicates signs of exhaustion close to the 0.7475 level. Traders could wait for an exhaustive candle to form since the pair seems to be oversold in the short term.

The pair dropped as big as an entire level for a straight run which is a pessimistic sign and it is not advisable to buy this pair for now. A fresh new low may form reaching a new low with the market eyeing at 0.75 level in the long-term. Gold market may have an influence over the currency as it moves ahead and traders try to break below the latest support level. The pair could go lower because of the gold market with the $1240 as the ultimate psychological level.

If the pair breaks lower, the Australian currency would drop very low while the greenback rallies that is favorable for most traders. This puts bearish pressure in the market and this could be reversed when it breaks the 0.750 level later on, but not soon.

The trend initially leveled at 0.7310 expanded to as low as 0.7414. A continuous decline could still take place towards the next target at 0.7300 region. The short-term resistance level positions at 0.7465 with the major level seen in the downtrend channel on the 4-hour chart. A break higher than the resistance level indicates completion of the downtrend.

https://www.forexmart.com/my/analyt...e/1909/AUD/USD-Technical-Analysis:-May-4-2017