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Anzo Lim

AUD/JPY Continues to Rise above the 200-Day Moving Average

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https://jump.wikifx.com/83348CF26389B46D

As there has been news that the U.S.-China trade negotiators had nearly finalized the terms for the first phase of the agreement, the bearish outlook drove offshore RMB up by more than 1100 basis points;USD/CNH exchange rate dropped below 7 and approached 6.9. Finally CNH closed at 6.9308 yuan against USD, up by 993 basis points, or an 1.4% increase.

US President Donald Trump has approved the first phase of the US-China trade agreement, and also postponed a new round of tariff raise on China on December 15th. The first phase of the US-China trade agreement includes China's commitment to purchase more US agricultural produce. In addition, the US government is also discussing reducing existing tariffs on China.

 

The Australian dollar exchange rate surged on Friday during the Asian morning session.  AUD/JPY continues to rise above the 200-day moving average and the long-term resistance line. It is expected that the pair will continue to rise to test the resistance at 77.

Edited by Anzo Lim
 

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