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8 Aug 2014
AUD/NZD potential double-top, Yen crosses turning bearish - FXWW
FXStreet (Bali) - Sean Lee, Founder at FXWW, notes that a potential double top with a neckline at 1.0920 may have formed in AUD/NZD, adding that there seems to be some tentative indications that the market is slowly turning bullish on Yen crosses.
Key Quotes
"There were reports large week of heavy stops below there; The renewed failure at 1.1050 has opened the possibility of a double-top with a neckline at 1.0920; Sentiment for both Antipodean currencies is mildly bearish and this is unlikely to change in coming days."
"Yesterday afternoon’s headlines that the GPIF would increase allocations to Japanese stocks only caused a brief flurry in the JPY crosses; The fact that most pairs are slightly lower today suggests to me that the market is turning bearish albeit very slowly; USD/JPY remains stuck in range trading mode between massive buy/sell interests; ‘Risk-off’ Friday is usually worth playing from the short side in the Yen crosses, especially during Asian trade, although moves are unlikely to be overly large."
Key Quotes
"There were reports large week of heavy stops below there; The renewed failure at 1.1050 has opened the possibility of a double-top with a neckline at 1.0920; Sentiment for both Antipodean currencies is mildly bearish and this is unlikely to change in coming days."
"Yesterday afternoon’s headlines that the GPIF would increase allocations to Japanese stocks only caused a brief flurry in the JPY crosses; The fact that most pairs are slightly lower today suggests to me that the market is turning bearish albeit very slowly; USD/JPY remains stuck in range trading mode between massive buy/sell interests; ‘Risk-off’ Friday is usually worth playing from the short side in the Yen crosses, especially during Asian trade, although moves are unlikely to be overly large."