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Trading ideas for AUD/USD, USD/JPY and Gold

April 22, 2022

AUD/USD: Aussie lost its gains and failed to hold above 0.7400 level during yesterday’s session dominated by central bank speakers, led by Fed Chair Jerome Powell, who confirmed his intentions regarding a 50 basis points rate increase in May. The market mood turned negative, as US equities finished the trading session in the red zone. Meanwhile, US Treasury yields keep climbing. From the macroeconomic point of view, an empty Australian calendar left Aussie traders disappointed by the inflation data from New Zealand, which rose lower than expected. In the week ahead, Australia and the US will release Flash readings for April, including Manufacturing, Services, and Composite indices.

SELL 0.7360/TP 0.7250/SL 0.7400

 

USD/JPY: The USD/JPY pair is showing mixed dynamic trading within a narrow range since yesterday as investors await the release of Japan’s National Consumer Price Index. An annual preliminary reading is showing a surge in inflation. No wonder, the price pressure from higher energy bills and commodity prices has accelerated inflation in Japan. The growth prospects in Japan have yet not reached their pre-pandemic levels. Therefore, more stimulus will always be expected from the central bank. Despite a broader weakness in the Japanese yen and a sharp rebound in the US dollar index, a weak dynamic from the majors is indicating that Japanese yen is gaining strength now.

BUY 128.45/TP 125.60/SL 129.50

 

Gold: Yellow metal has pulled back after breaking its potential support, located around the $1,940 level. Gold is attempting to recover amid concerns about the Fed’s aggressive rate hike in May. Fed’s Powell in his appearance at the International Monetary Fund meeting along with European Central Bank President Christine Lagarde, Bank of England Governor, and other central bank leaders said that a 50 bps rate hike is on the table this May. He also added that the Fed is likely to tighten the policy much faster this time than in the previous cycles.

SELL 1951.00/TP 1941.00/SL 1954.50