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AUD/JPY Intraday: the RSI is overbought

Sep 19, 2024 10:23 AM
the upside prevails as long as 97.06 is support.
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Our pivot point is at 97.06.
Our preference:
the upside prevails as long as 97.06 is support.
Alternative scenario:
the downside breakout of 97.06 would call for 96.40 and 96.01.
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 trading above both its 20 and 50 period moving average (respectively at 97.21 and 96.57). Finally, the AUD/JPY has crossed above its upper Bollinger band (97.72).
Supports and resistances:
99.76 **
99.37 *
98.98 **
98.58
97.75 last
97.32
97.06 **
96.40 *
96.01 **
Disclaimer: References, analysis and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgment of the analyst, without considering the investment objectives and financial situation of the investors. All strategic opinions do not constitute investment advice or recommendations and are for references only. Our company also does not guarantee the accuracy of the strategic views and does not take any responsibility for the negative results caused by the trading strategies.

Related Instruments

AUD/JPY
97.153
-0.028
-0.03%