Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/JPY extends rebound from 4-year low at 77.51, finds major supports at 77.70, good to buy dips

  • AUD/JPY is extending rebound from 4-year low of 77.51 (levels unseen since June 4th 2012) hit on Tuesday. 
     
  • A renewed risk-on wave appears to grip the markets amid a minor pullback seen in the Asian equities, halting JPY upside.
     
  • The pair has broken above trendline resistance and major psychological levels at 78 and finds major support on 4H charts at 77.90.
     
  • 4H 10-SMA at 78.16 is immediate support on the downside, while next hurdle on the upside is seen at 78.56 (June 14th high).
     
  • Techs on 4H charts support upside, Stochs have rolled over from oversold region and RSI is biased higher.
     
  • We see a bullish MACD line crossover on the signal line. Upside till 79.17 (20-DMA) likely.

Recommendation: Good to buy dips around 78.40, SL: 77.90, TP: 78.80/ 79/ 79.15
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.