FXStreet (Bali) - AUD/USD has maintained its exceptionally strong bullish momentum, testing key resistance at 0.7275, while USD/JPY, on the other hand, remains confined in a choppy range awaiting the next catalyst. A summary of the key support and resistance levels for Friday on both pairs can be found below.
AUD/USD has closed at the day's high, extending its winning streak to 7 days. On the upside, the next key level is located at 0.7275 (just above Thursday's high, double top Sep17/18), followed by 0.73 (daily R1 + round number), ahead of 0.7340 (ATR14 + daily R2). An overshot above the latter would then expose 0.7360 (Aug 21 highs). On the downside, the first liquidity level is found just below the FOMC minute lows at 0.7230, with next support at 0.72 round number ahead of 0.7170 (series of lows in last European session + ATR14).
USD/JPY continues to see solid buying interest on dips amid buoyant global equity performance, however, the inability to make gains for the day on a friendly risk appetite environment should be a warning sign, with the erratic range still producing lower lows on the hourly chart. Today's key upside levels are found at 120.15 (daily R1 + horizontal resistance) ahead of 120.30/35 (daily R2 + horizontal resistance) ahead of 120.50/55 (Oct 5th high). On the downside, 119.65 is immediate support (post FOMC minutes low + daily S1) ahead of 119.40 (daily S2) and 119.00 (psychological number + ATR 14 limit for the day).
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