AUD Upbeat On Carry Appetite

The EUR/USD tests 1.1201 (200-hour moving average & Fibonacci 50% on Sep 21th to Sep 26th rise). The downside correction is under way after the failure to clear resistance at 1.1284 (Sep 15th peak). More bids are sheltered at 1.1190 / 1.1174 (major 50% and 61.8% retracement).

The USD/JPY traded rangebound in Tokyo. Traders are uncertain regarding the trajectory of the yen since the Bank of Japan (BoJ) failed to pull the market on its side after several attempts. Intra-day resistances are eyed at 100.72 (minor 23.6% retrace on Sep 21st to Sep 27th decline), 100.80 (triangle top), 101.12 / 101.18 (major 38.2% retrace / 200-hour moving average. On the downside, the 100 handle is expected to shelter the buyers.

The trend in the GBP/USD remains on the downside below 1.3116 (major 38.2% retracement on Sep 6th to Sep 23th decline). Intra-day resistance is eyed at 1.3039 / 1.3040 (minor 23.6% retrace / 200-hour moving average). A successful attempt on 1.2915 (Sep 23rd low) should pave the way for a re-test of 1.2865 (mid-Aug lows).

AUD/USD continues its journey north on a good carry appetite. Holding support at 0.7602 (major 38.2 retracement on Sep 15th to Sep 27thrise), the pair is preparing to grab more territory towards 0.7730 (Sep 8th resistance). Clearing 0.7602, we could see a further correction to 0.7574 (major 50%).

The appetite in gold sharply reversed on the back of a stronger US dollar. The yellow metal fell below its 50-day moving average ($1332). The $1310 / 1297 zone (100-day moving average / minor 23.6% retracement on Dec’15 – Jul’16 rise) is seen as a solid mid-term support. Reconquering the 50-day moving average, we could expect a further attempt to $1343 (3-month descending channel top).

WTI remains under pressure. Investors are hesitant, $44.80/$45 is where the bulls and the bears are in conflict. Intra-day supports are eyed at $44.15 (Sep 27th low) and $43.87 (minor 76.4% support on Sep 20th to Sep 23rd recovery). Solid resistance is eyed at $45.20 (major 38.2% retrace) and $46.55. Any speculation on an output freeze could help clearing resistance for a further recovery toward $48/$50 zone.

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