The currency since the start of year lost 5.0% however last week rallied more than 3.5% however is still in a bearish phase since the beginning of December 2015.
Last week the AUDJPY rallied with a wide range, engulfing the previous week and closed near the high week, furthermore closed within the previous week range, suggesting a weak bullish momentum.
Stochastic is showing an oversold market however is still showing a strong bearish momentum.
Expecting an upward move to a weekly resistance at 86.39 (scenario 1) and a bounce from a weekly resistance at 86.39 could push the currency down to a Fibonacci extension at 81.29 (scenario 2).
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It’s testing the resistance level.
That was a very useful analysis, thank you.
Good point! I’ll keep an eye on it.
Good reporting, excellent.
Nicely spotted post, thank you.
Thank you for the analysis, it’s very useful!
Thank you for the analysis.
Good analysis!
Great analysis. thank you for sharing.