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AUD/JPY intraday: as long as 101.56 is support look for 102.63

2024-05-06
92

101.56 is our pivot point.

Our preference: as long as 101.56 is support look for 102.63.

Alternative scenario: the downside breakout of 101.56 would call for 101.14 and 100.89.

Comment: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 101.74 and 101.31).

Supports and resistances:

103.13 **

102.88 *

102.63 **

102.38

101.88 last

101.72

101.56 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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