The AUD/JPY looks to be in the process of bouncing back up from major 61.8% fib support and the S&P500 looks to be forging a Bull Flag breakout. I’ll be watching to see if the A/J holds above 80 to see out the week and if the S&P500 closes above the key 2,135 level. If so, I’d be looking then for overall continuation on both, albeit not in straight lines.
NB: I’m busy with visiting family again over the next few days. When you live by a beach…. that happens! Updates this weekend will only be brief.
AUD/JPY monthly: The 61.8% fib has held for now and I’m watching for any bullish continuation. A hold above 80 would help to support such a possibility:
S&P500 weekly: I’ve been tracking this Flag for AGES and it seems like the breakout will be a BULLish one. I’m watching for any weekly close above 2,135 to support that view.
S&P500 and AUD/JPY: the AUD/JPY is often viewed as the ‘risk appetite’ currency pair as it often trades with a high degree of positive correlation to the appetite seen across on stock markets as the following chart shows. Thus, any bullish momentum and continuation on the S&P500 would help to underpin similar action on the AUD/JPY.
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