AUDJPY To 86?

By Anna Coulling of annacoulling.com

Anna Coulling • Feb 12, 2018 at 5:13 PM EST

The best performing currency today was the Australian dollar which traded sharply higher against the greenback.

The best performing currency today was the Australian dollar which traded sharply higher against the greenback. As a high beta currency, it is not unusual to see AUD trade well when stocks recover, especially after the deep slide that it experienced over the past 2 weeks. Gold, iron ore and copper prices are also up across the board providing additional support to the currency.

We think further gains are likely up to at least 78 cents. AUD/JPY in particular should see continued gains as USD/JPY appears be finding support above 108.50. Although the Dow came off its highs, it still managed to end the day up 400 points, which is a significant recovery. Weekly, daily and 4 hour charts show a potential rally up to 86.00 as long as AUD/JPY holds above 84.70.

(Click on image to enlarge)

AUDJPY to 86?

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