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AUD/JPY intraday: the RSI is oversold
2024-03-28
188
98.50 is our pivot point.
Our preference: the downside prevails as long as 98.50 is resistance.
Alternative scenario: above 98.50, look for 98.76 and 98.92.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 98.64 and 98.66).
Supports and resistances:
98.92 **
98.76 *
98.50 **
98.39
98.27 last
97.90
97.74 **
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