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FxWirePro: AUD/JPY struggles at 61.8% Fib, extends consolidation for 5th straight session

  • AUD/JPY is struggling to break past 61.8% Fib at 88.03, further upside only on break above.
     
  • The pair has retraced break above 200W SMA at 88.04, has slipped below 5-DMA.
     
  • Only decisive break at 200W SMA could see test of trendline resistance at 89.45.
     
  • Technical studies support further upside. We now see scope for test of 89.40 levels (trendline).
     
  • The pair has shown break of 'Symmetric Triangle' pattern on daily charts (http://www.econotimes.com/FxWirePro-AUD-JPY-grinds-higher-after-Symmetric-Triangle-breakout-good-to-go-long-on-dips-1073963).
     
  • RSI on weekly charts strong above 50, momentum highly bullish. MACD is on verge of bullish crossover.
     
  • On the lower side, daily cloud at 87.32 is immediate resistance, break below to test 100-DMA at 87.10.

Support levels - 87.32 (cloud top), 87.10 (100-DMA), 86.68 (20-DMA)

Resistance levels - 88.03 (200W SMA), 89.03 (78.6% Fib retrace of 90.305 to 84.349 fall), 89.40 (trendline), 90.30 (2017 high)

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 19.8556 (Bullish), while Hourly JPY Spot Index was at -69.1918 (Bearish) at 0820 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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