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AUD/JPY intraday: the RSI is overbought

2024-04-26
327

Our pivot point stands at 102.22.

Our preference: the upside prevails as long as 102.22 is support.

Alternative scenario: below 102.22, expect 101.87 and 101.67.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 101.90 and 101.59).

Supports and resistances:

103.55 **

103.34 *

103.13 **

102.93

102.51 last

102.36

102.22 **

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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