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JPY-Crosses Following 5-EMAs; AUD/USD Below Support, NZD/USD Not Yet

JPY-Crosses Following 5-EMAs; AUD/USD Below Support, NZD/USD Not Yet

2014-11-11 12:10:00
Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- AUDUSD below critical support level, NZDUSD almost there.

- EURJPY, GBPJPY, USDJPY all rebound at 5-EMA on daily chart.

- Hints of Future Easing Keep Euro Pinned Lower, for Now

More policy hijinks out of Japan have the Yen on the wires overnight, but the US Dollar isn't benefiting in spades. Risk FX has been supported, mainly in the form of the higher yielding currencies taking some ground back against the lower yielding currencies; both AUD and NZD are off their weekly lows.

While the AUDUSD has started to leak out of its six-week range, NZDUSD has yet to see a discernible break of its flag support. Typically AUDUSD and NZDUSD move somewhat together, so it would be surprising to see weakness in one without the other joining.

Our attention is also drawn to AUDNZD, which has been consolidating in an ascending triangle pattern for over two months now. Currently sitting at trendline support, we're eying a break above N$1.1300 to help confirm the move lower in the NZD-complex more broadly. If AUDNZD were to break below N$1.1080 and N$1.0915, it would likely occur amidst a period of heightened appetite for risk.

See the above video for technical considerations in EURUSD, AUDUSD, NZDUSD, AUDNZD, USDJPY, and others.

Read more: Quick, Call the SNB! EUR/CHF Sf1.2000 Floor in Sight

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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