AUDJPY: The RBA Leaves Little To The Imagination As Price Reaches Major Key Level
We have seen this pair accelerate over the last few days as we rejected the lows of 81.220 and rally back towards the 84.000 to the major resistance region. In the early hours of Monday morning, we saw Retail Sales come out better than expected at 0.4% and cause a 125 PIP candlestick closure for the day. However, after such an accelerated move, we have seen liquidity slow down once more as the RBA failed to change Interest Rates and left little to the imagination about the economic outlook of the economy.
From a Technical standpoint we have essentially been stuck in a range around the 84.000 regions and as long as price remains below the 84.50 level I will most certainly be bearish on the pair as we have seen multiple rejections of this level previously.
Thursday sees the release of Q1 GDP figures, if there were to announced lower than expected we could see a swift reversal from its current level and wipe out all of the early week gains. I will be focusing on any major support levels that have been tested previously 82.000 and 81.000 will be downside targets upon a rejection of the 84.000 level of resistance