AUD/JPY takes the bids to renew the weekly high near 95.40 during the three-day winning streak on Tuesday. In doing so, the cross-currency pair justifies the upside break of a one-week-old descending resistance line.
Also keeping the pair buyers hopeful are the bullish MACD signals and the firmer RSI (14), not overbought.
It should be noted, however, that a convergence of the six-week-old descending trend line and 38.2% Fibonacci retracement level of August-September upside, near 95.50, appears a tough nut to crack for the AUD/JPY buyers.
Following that, October’s peak of 95.75 and the late September swing high near 96.55 could test the bulls before directing them to the yearly high marked on September 13 around 98.60.
On the flip side, a pullback move remains elusive unless the quote stays beyond the previous resistance line from October 21, close to 95.05 at the latest.
Even if the AUD/JPY bears manage to conquer the 95.05 immediate support, as well as break f the 95.00 round figure, an upward-sloping trend line from October 13 and the 100-DMA, respectively near 94.75 and 94.20, will challenge the sellers before giving them control.
Trend: Further upside expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.