logo

FX.co ★ Global macro overview for 18/04/2017

Global macro overview for 18/04/2017

Global macro overview for 18/04/2017:

The Reserve Bank of Australia's Meeting Minutes released overnight has revealed that economy made steady progress in the first quarter of 2017. Nevertheless, the RBA is still concerned about the risks associated with the housing market and labor market. The minutes showed, that despite the steady progress and some inflationary pressures the indicators of household spending have been weaker than expected and growth in household credit continued to outpace growth in household incomes. Regarding the labor market, the RBA pointed out a significant weakness in the labor market and rising underemployment and announced the need of permanent close monitoring of the labor market. In conclusion, after the last RBA decision to hold the interest rate at the level of 1.5% the bank might continue to seek ways to ensure stronger investment and hiring in the non-energy-related sectors.

Let's now take a look at the AUD/JPY technical picture at the daily time frame. The market is trading in oversold conditions, just below the Fibonacci cluster made of 38% and 50% retracements. The next support is at the level of 81.55, but the stronger support seems to be at the Fibonacci cluster of 61% and 50% retracements, between the levels of 80.28 - 81.08. No bullish divergence had occurred yet.

Global macro overview for 18/04/2017

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account