Australian Dollar Tests Yearly Highs: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Tests New Lows After Retail Sales Report

USD/JPY continues its attempts to settle below the support at 141.80 – 142.50 as traders react to the Retail Sales report from Japan. The report indicated that Retail Sales incrased by 2.8% year-over-year in August, compared to analyst consensus of +2.3%. Today, traders also had a chance to take a look at Japan’s Industrial Production report, which showed that Industrial Production declined by 3.3% month-over-month in August.

If USD/JPY manages to settle below the 141.80 level, it will head towards the next support level, which is located in the 138.00 – 138.50 range.

EUR/USD Is Flat At The Start Of The Week

EUR/USD is flat as traders wait for Germany’s inflation report. The report is expected to show that Inflation Rate increased by 0.1% month-over-month in September. On a year-over-year basis, Inflation Rate is expected to decline from 1.9% in August to 1.7% in September.

From the technical point of view, EUR/USD remains stuck between the support at 1.1115 – 1.1130 and the resistance at 1.1185 – 1.1200.

AUD/USD Tests Yearly Highs

AUD/USD gains ground as rally continues. Traders ignore the pullback in commodity markets and focus on general weakness of the U.S. dollar.

If AUD/USD moves above the 0.6950 level, it will get to the test of the nearest resistance at 0.6960 – 0.6970. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

NZD/USD Is Moving Higher As Business Confidence Exceeds Expectations

NZD/USD is trying to settle above the resistance at 0.6360 – 0.6370 as traders react to ANZ Business Confidence report. The report indicated that ANZ Business Confidence increased from 50.6 in August to 60.9 in September, compared to analyst forecast of 43.

A move above the 0.6370 level will open the way to the test of the resistance at 0.6450 – 0.6460.

For a look at all of today’s economic events, check out our economic calendar.