August 08, 2018 08:24:00: Australian Dollar/Yen and Australian Dollar/US Dollar trading strategy [From Mr. Tetsu Emori’s newsletter]
From the investment email newsletter “Tetsu Emori's Real Trading Strategy” by Tetsu Emori, provided by GogoJungle, here is a small excerpt from this morning’s delivery. This time, please take a look at the trading strategies for AUD/JPY and AUD/USD.
AUD/JPY is unwinding its short position. It has begun a rebound from being oversold. If it rises above 82.70, consider going long. If it surpasses 82.30, it seems likely to move higher in the short term. However, the long-term trend is positioned around 85.00, and until it breaks above this level, it can be judged as weak movement. The fair value is around 83.70. If these levels are not surpassed, the upward movement will remain difficult.
AUD/USD is unwinding its short position. If it rises above 0.7450, the overall tone is likely to strengthen. In that case, consider going long. The environment is often influenced by the U.S.-China trade situation, but I would first like to observe the price action carefully. The long-term trend is around 0.7730, and it is still quite low. The fair value is 0.7650, so it can be considered undervalued now, but I will emphasize the short-term trend.
From “Tetsu Emori's Real Trading Strategy” (Tetsu Emori) quote.
The Reserve Bank of Australia (RBA) decided to keep the policy rate at 1.50%, the lowest on record. Because the market expected it, there wasn’t a dramatic reaction. (Editorial department)
AUD/JPY, 1-hour chart.
