Forex

AUD/JPY may rise 37 - 55 pips

2024-07-15

Our pivot point is at 106.83.

Our preference

Rebound.

Alternative scenario

The downside breakout of 106.83 would call for 106.52 and 106.34.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (107.05) but under its 50 period moving average (107.20). Finally, the AUD/JPY is trading above its upper Bollinger band (standing at 107.15).

Supports and resistances

108.07 **

107.89 *

107.71 **

107.53

107.16 last

106.95

106.83 **

106.52 *

106.34 **

Number of asterisks represents the strength of support and resistance levels.

This is not investment advice. Past performance does not represent future performance. Your funds are at risk, please trade with caution and responsibility.


Author:

Paul Reid
Tradingtop

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