FxWirePro: AUD/JPY breaks above daily cloud, scope for further upside

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/JPY was trading 0.81% higher on the day at 93.03 at around 07:45 GMT

- The pair is rising for the 4th consecutive session, bias remains bullish

- Price action has broken above daily cloud, raising scope for further gains

- Momentum is bullish, Stochs and RSI are sharply higher

- MACD confirms a bullish crossover on signal line, ADX supports upside

Fundamental Overview:

The Australian Bureau of Statistics reported the quarterly GDP numbers at 0.8% against the estimates of 0.7% and the prior print of 3.4%. 

On an annualised basis, Australia GDP stood at 3.3% vs. the expectation of 3% and the former figure of 4.2%.

The IHS Markit has reported Caixin Manufacturing PMI at 48.1, higher than the forecasts and the prior print of 47 and 46 respectively.

Support levels - 91.89 (50-DMA), 90.65 (20-DMA)

Resistance levels - 93.04 (Upper BB), 95.74 (April 18 high)

Summary: AUD/JPY trades with a bullish bias. The pair is on track to retest yearly high