- AUD/JPY’s daily MACD histogram has turned bullish for first since April 22.
- Focus on Australia’s capex data, due at 01:30 GMT.
AUD/JPY could be in for a corrective rally above 76.00 as a widely tracked daily chart indicator has turned bullish for the first time in over four weeks.
The moving average convergence divergence (MACD) histogram has crossed above zero, signaling a bullish reversal.
Also, the cross has violated the descending trendline from April 17 highs and is now breaking higher from a contracting triangle, according to the 4-hour chart.
A break above 76.00, however, may remain elusive if the data due at 01:30 GMT shows Australia’s private capital expenditure (capex) growth slowed more than expected or the capex dropped in the first three months of this year.
Daily chart
4-hour chart
Trend: Bullish
Pivot Levels
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