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Australian Dollar Extends Advance, Japanese Yen Weighed By Risk Appetite

Australian Dollar Extends Advance, Japanese Yen Weighed By Risk Appetite

2010-05-10 14:58:00
David Song, Currency Strategist


The Australian dollar extended the rally from the previous week to reach a high of 0.9079 during the overnight trade and is the best-performing currency amongst the majors on Monday as investors raise their appetite for risk. The AUD/USD remains nearly 70pips higher from the open after moving a whopping 131% of its daily ATR, but the bearish divergence in the 30-minute RSI suggests that the rally is losing steam as price action fails to hold above the 240-SMA at 0.9049. As a result, the exchange rate may continue to pare the overnight advance ahead of the Asian trade and close the gap from the120-SMA at 0.8956, but the Australian dollar is likely to face increased volatility over the next 24 hours of trading as Treasurer Wayne Swan is expected to deliver the 2010-11 Federal Budget report on Tuesday at 9:30 GMT.



The Japanese Yen weakened across the board, with the USD/JPY rallying to a high of 93.54, but the lack of momentum to retrace the decline from last Thursday may keep the pair within a broad range over the week as investors weigh the prospects for a sustainable recovery in the global economy. The dollar-yen is 56pips higher on the day after moving 128% of its average true range, but the rally appears to be tapering off as the exchange holds below the 240-SMA at 93.47, with the 30-minute RSI falling back from a high of 71. As a result, we may see the pair work its way back down towards the 120-SMA at 92.44, but another leg lower could lead the pair to test the 50-Day SMA at 92.22 for short-term support.


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To discuss this report contact David Song, Currency Analyst: instructor@dailyfx.com

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