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The JPY fell for a second day against the AUD to 85.25 after it touched its low at 85.41

Varengold Bank Research Team from Varengold Wertpapierhandelsbank AG at 01/14/10


Good morning from Hamburg and welcome. Employment rates in Australia have influenced the FOREX market after the nations’ currency gained against all the major counterparts. We wish you a nice trading day.

Market review

The JPY fell versus higher-yielding currencies after an Australian report showed that the regions’ employment increased more than economists expected, which boosted the demand for more risky assets. The JPY fell for a second day against the AUD to 85.25 after it touched its low at 85.41. The JPY fell against the most of the major currencies after Asian Stocks climbed on optimism that the global economic recovery is picking up. The AUD gained against all its other 15 major currencies after the statistics bureau said that the number of people employed in the nation climbed 35,200 in December from the month before. The news also boosted the speculation that the Reserve Bank of Australia may make further rate increases on its meeting on February 2nd. The AUD/USD climbed to 0.9308 at its highest level while the EUR/AUD fell to 1.5639 after touching a low of 1.5626.

Some economists expect that the USD will remain in a downtrend after futures trading in Chicago showed a 34 percent chance that the Fed will raise its target lending rate by at least a quarter-percentage point by its June meeting.


Since the end of November, the AUD/JPY has been gaining along a bullish Fibonacci fan. After touching the middle line of the fan at the beginning of January, the market pulled back and reached the top area of the fan. If the MACD confirm the upward trend and the market breaks out of the fan, it may make further gains towards its high around 86.20.


After touching the support level around 1.4935 for the second time, the EUR/CAD crossed finally the green level and reached a price under 1.4800. In the meantime, the market has recovered back over the support point and is currently trading on the middle Bollinger Band with a touch on the support level. This might be a long signal towards the upper Bollinger Band.

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