Forex: AUD/JPY pushing against 6-day highs ahead of Aus GDP

With Australian GDP as main risk event for the Asia-Pacific session ahead at 00:30 GMT, AUD/JPY is trading last at 95.71, near 6-day highs, mostly on the back of Aussie strength following yesterday's RBA on hold and positive Aus retail sales and current account deficit. “For now I see resistance in AUD/JPY near 96.00,” says FXWW founder Sean Lee. In the equities field, US DowJones Industrials printed fresh record all time highs at 14286.

AUD/USD is currently at a main descending trendline coming from 1.0580 highs, ahead of key level at 1.0280 where Sean also sees resistance, and FXBriefs.com is reporting: “Traders talk of sell orders between 1.0290/1.0300.” For the GDP Q4 data Reuters poll to 22 economist show a forecast low of +0.3% and a high of +1.1% while average is +0.6% and previous was +0.5%, third consecutive descending figure. Apart from this, session is expected to remain quiet as no major news will be out, on schedule.

Immediate resistance for AUD/JPY to the upside shows at recent session/6-day highs-Feb 20 lows 95.80, followed by Feb 04/05/14 lows at 95.93, and Feb 06 lows at 96.08. To the downside, closest support lies at yesterday's Asian session highs 95.50, followed by yesterday's lows/Feb 28 highs at 95.00/12, and Monday's/Friday's lows at 94.44.