FxWirePro: AUD/JPY trade idea
Source: FxWire Pro - Technicals / 02 Jun 2020 00:41:45 America/New_York
AUD/JPY chart - Trading View
Technical Analysis: Bias Strongly Bullish
- Major and minor trend are strongly bullish
- GMMA shows potential for further gains
- Price action is well above daily cloud
- Chikou Span is biased higher and signals upside continuation
- Oscillators are bullishly aligned, RSI is above 70 which supports upside momentum
- Stochastics show bullish momentum, are at overbought levels, but do not show any signs of reversal
- Bollinger bands are widening on the daily charts
- Rising volatility with bullish momentum could carry the pair higher
Major Support Levels: 72.80 (55W EMA), 72.10 (200-DMA), 70.66 (21-EMA)
Major Resistance Levels: 74.64 (88.6% Fib), 75.73 (110W EMA), 76.54 (Dec 2019 high)
Summary: Price action has shown a decisive breakout at 200-DMA and has edged above 55W EMA resistance at 72.80. The RBA is unlikely to throw any major surprises. Any dips can be used to enter a long position. The pair is likely to target 88.6% Fib at 74.64 ahead of 110W EMA at 75.73 and Dec 2019 hghs at 76.54.
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