Technical Analysis – AUDJPY rally reaches key resistance area
The interesting fact about the recent rally is that it has been developing with the Average Directional Movement Index (ADX) signaling an almost range-trading market. This changed over the past two sessions as the ADX is currently pointing to a mildly bullish phase. In the meantime, the stochastic oscillator is trading in its overbought territory, but it is failing to record a higher high and thus raising the possibility for a bearish divergence.
If the bulls manage to break the key 93.63 level, they could then set their eyes on the April 20, 2022 high of 95.73. Even higher, the path looks clear until the September 13, 2022 high of 98.50.
On the other hand, the bears are desperately looking to put a stop to the current upleg. If they successfully defend the 93.63 area, they could attempt to stage a correction towards the 200-day simple moving average at 91.70. However, the most crucial test of their determination stands at the 90.22-90.62 area that is populated by the September 2017 high, the 38.2% Fibonacci retracement, and the 50- and 100-day SMAs.
To sum up, AUDJPY bulls’ attempt to record a higher high has reached a key resistance area, which the bears are expected to defend at all cost.免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
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