During Friday’s trading session AUD/JPY traded within the range of 95.03-95.39 and closed at 95.36, gaining 0.18% for the day and 0.62% for the week.
Fundamental view
Australia
The National Australia Bank (NAB) Business Confidence index probably rose to +7 last month, according to the median analysts projection. In March, the index stood at +4.
The indicator is a survey of the current state of the business sector in Australia. It is based on inquiries to hundreds of businesses of all sizes . National Australia Bank uses these statistics and submits monthly and quarterly reports . Companies are asked about the value of new orders, trading conditions , sales related to exports , profits and costs. Values above zero indicate that more companies expect their business to grow in a positive direction than those who expect it to evolve in a negative direction. The quarterly report has a bigger influence, because it covers a large volume of data and additional questions about the expectations of the participants in the study.
The National Australia Bank is scheduled to release official data at 1:30 GMT on Monday.
Japan
The Japanese Current Account surplus probably narrowed to 0.305 trillion yen in March, according to the median analysts estimate. In February the nations current account surplus stood at 0.613 trillion yen.
The indicator measures the economic transactions between the national economy and the rest of the world for a certain period of time. As a rule, they are carried out between local and foreign units in the economy. They include: goods, services and income from financial aid, liabilities to foreign countries. The transaction is considered a financial flow that reflects the creation, transformation, exchange, transfer or reduction of economic value, leading to a change in the ownership of goods or assets, provision of services, employment equity.
The Japanese Ministry of Finance will release an official report at 23:50 GMT on Sunday.
Technical view
According to Binary Tribune’s daily analysis, in case AUD/JPY manages to breach the first resistance level at 95.49, it will probably continue up to test 95.62. In case the second key resistance is broken, the pair will probably attempt to advance to 95.85.
If AUD/JPY manages to breach the first key support at 93.45, it will probably continue to slide and test 93.12. With this second key support broken, the movement to the downside will probably continue to 92.87.
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