17^th December 2021 Technical Analysis

AUDUSD

On Thursday (December 16^th), AUDUSD rose, since data showed better than expected unemployment rate, employment participation rate and changes in both full and part-time employment, AUDUSD went to a three-week new high. Due to the higher highs in the recent uptrend, AUDUSD technical bias is bullish.

The pair is currently trading near 0.71764, and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level1:0.71950

Resistance level2:0.72200

Resistance level3:0.72500

Below the price, multiple support level can be seen which may prevent the price from falling.

Support level1:0.71700

Support level2:0.71500

Support level3:0.71320

Next Wednesday, the US will release the third quarter GDP growth rate, higher data indicate favorable to US dollar, and therefore it is bearish for the AUDUSD currency pairs, and vice versa.

Looking at the current price trend and economic development, it may be a good choice to buy the AUDUSD currency pair at lower levels around current level.

USDJPY

On Thursday(December 16^th), USDJPY fell, since the USD came under pressure due to a sell-off triggered by the Bank of England and European Central Bank interest rate decision. On Friday (December 17^th)，the Bank of Japan will announce the interest rate decision, so it also triggered a profit-taking of the long position for USDJPY currency pair, thus USDJPY fell yesterday. Due to the lower lows in the recent uptrend, the USDJPY technical bias is bearish.

The pair is currently trading near 113.650, and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level1: 113.850

Resistance level2:114.030

Resistance level3:114.260

Below the price, multiple support level can be seen which may prevent the price from falling.

Support level1:113.470

Support level2:113.300

Support level3:113.100

On Friday(December 17th）, the Bank of Japan will announce the latest interest rate decision and the market is widely expected benchmark rate unchanged. The hawkish remarks indicate favorable to the JPY. Therefore, it is bearish for the USDJPY currency pair, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the USDJPY currency pair at a relative high level.