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AUDJPY maintains the bullish bias

Friday, July 7, 2017 6:58 AM GMT

AUDJPY held 85.60 level, which acted as a major support, because of the lower band of the channel. In addition, there was confluence with 61.8% Fibonacci level. If the channel is valid, then the pair maintains the bullish bias targeting around 87.50 level.

On the other hand, if price violates the support zone (85.50 to 85.80) to the downside, then the scenario is busted and sellers will take action with potential target around 100 pips, close to 84.50 level.

Today’s agenda includes G20 Meeting, Trump-Putin Meeting, US Nonfarm Payrolls (Jun) (Previous: 138K/ Expected: 179K], US Unemployment Rate (Jun) (Previous: 4.3%/ Expected: 4.3%), US Labor Force Participation Rate (Previous: 62.7%).

Therefore, traders should be cautious with their trading decisions, because it is expected high volatility in the market during the day.


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