Back
2 Nov 2018
AUD/JPY Technical Analysis: Overbought conditions on hourly and weaker Aussie retail sales could put brakes on rally
- For AUD/JPY, the path of least resistance is on the higher side, as indicated by the rising trendline and upward sloping 50-, 100-, and 200-hour exponential moving averages (EMAs). However, both relative strength index (RSI) and stochastic are flashing overbought readings.
- The Aussie retail sales data released a few minutes before press time showed that consumption growth slowed to 0.2 percent month-on-month in September from the previous month's print of 0.3 percent.
- The combination of weaker-than-expected retail sales and overbought conditions on the hourly chart indicate scope for a minor pullback in the AUD/JPY.
- Pullbacks to levels below 81.00, if any, will likely be short-lived, as Trump's positive comments on the US-China trade relations could boost risk appetite.
Hourly Chart
-636767177015705322.png)
Trend: Pullback likely
AUD/JPY
Overview:
Last Price: 81.3
Daily change: 8.0 pips
Daily change: 0.0985%
Daily Open: 81.22
Trends:
Daily SMA20: 79.89
Daily SMA50: 80.5
Daily SMA100: 81.22
Daily SMA200: 82.27
Levels:
Daily High: 81.28
Daily Low: 79.81
Weekly High: 80.32
Weekly Low: 78.56
Monthly High: 82.5
Monthly Low: 78.56
Daily Fibonacci 38.2%: 80.72
Daily Fibonacci 61.8%: 80.37
Daily Pivot Point S1: 80.27
Daily Pivot Point S2: 79.31
Daily Pivot Point S3: 78.8
Daily Pivot Point R1: 81.73
Daily Pivot Point R2: 82.23
Daily Pivot Point R3: 83.19