AUD/JPY Intraday: the RSI is oversold
Nov 20, 2024 3:23 PM
the downside prevails as long as 101.32 is resistance.
Our pivot point is at 101.32.
Our preference:
the downside prevails as long as 101.32 is resistance.
Alternative scenario:
the upside breakout of 101.32, would call for 101.77 and 102.04.
Comment:
the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (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 101.30 and 101.09). Finally, the AUD/JPY is trading below its lower Bollinger band (standing at 100.89).
Supports and resistances:
102.04 **
101.77 *
101.32 **
101.14
100.66 last
100.09
99.82 **
99.55 *
99.28 **
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