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AUDJPY: end of Australian dollar rally

14 March 2017 , 09:51

We have spotted an “overbought” criteria of Australian dollar as technical analysis of AUDJPY shows symptoms of a possible trend change in the nearest futures. 

Since the beginning of the year, the Australian dollar has become the leader of growth in the currency market among the G-10 currencies. The rate of the Australian gained from 3% to 5% in relation to major currencies. This rally had a number of objective reasons.

The first reason is a recovery of raw material prices, namely a sharp rise in the prices of iron ore. Since the Australian economy is export-oriented (exports account for about 25% of GDP), this growth has led to an improvement in the forecast for economic growth in the region for 2017. The main buyer of Australian ore is China. According to the Metal Bulletin, the price for iron ore exceeded the mark of $ 90 per ton in early March (Fig. 1).

Fig 1. – The price dynamics of iron ore, 1 tn.

In order to further explore the analysis, as well as the entry point to the position, you can see full details in the personal account of our TSI Trading Pro platform.

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