Maintains bullish outlook above 100.50
The post Maintains bullish outlook above 100. 50 appeared com. The AUD/JPY cross trades in negative territory near 100. 85 during the early European session on Friday. The potential downside for the Australian Dollar (AUD) might be limited due to the strong job market, suggesting that the Reserve Bank of Australia (RBA) is likely to keep interest rates on hold for now. Data released by the Australian Bureau of Statistics (ABS) on Thursday showed that Australia’s Unemployment Rate declined to 4. 3% in October from 4. 5% in September. The figure came in below the market consensus of 4. 4%. Furthermore, the Australian Employment Change arrived at 42. 2K in October versus 12. 8K in September (revised from 14. 9K), compared with the consensus forecast of 20K. Technically, AUD/JPY keeps the bullish vibe in the longer term as the cross is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline near 59. 10. This suggests the bullish momentum in the near term. On the bright side, the key upside barrier for the cross emerges in the 101. 80-101. 85 zone, representing the upper boundary of the Bollinger Band and the high of November 13. Sustained trading above the mentioned level could see a rally to 102. 30, the high of November 8, 2024. The next hurdle to watch is 103. 48, the high of April 26, 2024. On the downside, the key support level for AUD/JPY is located at the 100. 00 psychological level. More bearish candlesticks below the mentioned level could pull the cross back toward 98. 97, the low of November 7. Further south, the next contention level to spot is 98. 28, the lower limit of the Bollinger Band. AUD/JPY Daily Chart Australian Dollar FAQs One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank.