Hey Traders, in tomorrow's trading session we are monitoring AUDJPY for a selling opportunity around 96.900 zone, AUDJPY is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 96.900 support and resistance area.
Fundamentally we would like to consider the current pressure on stocks. The Australian dollar is considered a commodity currency, meaning its value is influenced by commodity prices, particularly those of key Australian exports like iron ore and coal. When global stock markets are performing well, it tends to reflect positive investor sentiment and increased demand for commodities, which can lead to a stronger Australian dollar. As a result, AUD/JPY may show a tendency to move in tandem with global stock indices during periods of market optimism.
Fundamentally we would like to consider the current pressure on stocks. The Australian dollar is considered a commodity currency, meaning its value is influenced by commodity prices, particularly those of key Australian exports like iron ore and coal. When global stock markets are performing well, it tends to reflect positive investor sentiment and increased demand for commodities, which can lead to a stronger Australian dollar. As a result, AUD/JPY may show a tendency to move in tandem with global stock indices during periods of market optimism.
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