Should We Keep an Eye on the Upside Potential of Oceania Currencies, Which Are Showing Strength?
23.01.2023
- U.S. Leading Economic Index
- Remarks by ECB President Lagarde
Last weekend, U.S. currencies strengthened against the yen but came under pressure from Oceania currencies, with the AUD/USD pair rising by about 80 pips from 0.6906 to 0.6994.The AUD/USD pair has been following an uptrend that began on October 13 of last year, in line with Dow Theory, and has recently been rising with support from the 20-day moving average (MA) on the daily chart. We will carefully assess whether the Australian dollar will continue to strengthen against the U.S. dollar by monitoring recent price movements.
Among European currencies, the Swiss franc was the weakest, and the CHF/JPY pair traded in a range between 140.061 and 141.552.Although the CHF/JPY pair continues its rebound from January 16 on the 4-hour chart, it is important to keep in mind that the downtrend is likely to persist until the pair breaks above the recent high of 142.444 with a solid candlestick.
Today, at 16:00 European time, the Turkish Consumer Confidence Index will be released; at 18:00, the Philippine Industrial Production and Philippine Retail Sales figures will be released;Philippines’ Consumer Price Index are scheduled for release during European trading hours. During U.S. trading hours, the Canadian New Home Price Index is scheduled for 22:30, the Eurozone Consumer Confidence Index and the U.S. Leading Economic Index for 24:00, the U.S. 6-Month Bill Auction for 25:30, and remarks by ECB President Lagarde for 26:45.We will cautiously monitor the upside potential of the Oceania currencies, which are currently showing strength.
Author: Keisuke Sakurai
