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20 May 2014
AUD/JPY is under pressure on the back of dovish RBA
FXStreet (Moscow) - AUD/JPY reached the Asian high at 94.73, but the movement was not sustained ad the cross retreated to current lows of 94.38
AUD/JPY is on the verge of deeper fall
AUD/JPY has been pressured down lately. The cross dropped below an important short-term support of 94.50 early in Asia today, despite JPY weakening across the board. The bearish sentiments was triggered by rather dovish RBA minutes and intensified by matching comments from RBA’s Debelle. On the intraday basis the next bearish target lies at 94.30, once it is broken, the downside will accelerate to 94.00, where strong demand with short-term stops may force bears to retreat.
What price levels and patterns have to be considered?
Spot is presently trading at 94.48, and next resistance can be seen at 94.49 (Yesterday's Low), 94.66 (Hourly 20 EMA), 94.70 (Daily Open), 94.70 (Monthly Low) and 94.70 (Weekly Low).
Below, we can see support at 94.44 (Weekly Classic S1), 94.39 (Daily Classic S1), 94.36 (Daily Low), 94.08 (Daily Classic S2) and 93.86 (Weekly Classic S2).
Looking at price patterns, we can see a Dark Cloud Cover 1-hour candlestick formation
AUD/JPY is on the verge of deeper fall
AUD/JPY has been pressured down lately. The cross dropped below an important short-term support of 94.50 early in Asia today, despite JPY weakening across the board. The bearish sentiments was triggered by rather dovish RBA minutes and intensified by matching comments from RBA’s Debelle. On the intraday basis the next bearish target lies at 94.30, once it is broken, the downside will accelerate to 94.00, where strong demand with short-term stops may force bears to retreat.
What price levels and patterns have to be considered?
Spot is presently trading at 94.48, and next resistance can be seen at 94.49 (Yesterday's Low), 94.66 (Hourly 20 EMA), 94.70 (Daily Open), 94.70 (Monthly Low) and 94.70 (Weekly Low).
Below, we can see support at 94.44 (Weekly Classic S1), 94.39 (Daily Classic S1), 94.36 (Daily Low), 94.08 (Daily Classic S2) and 93.86 (Weekly Classic S2).
Looking at price patterns, we can see a Dark Cloud Cover 1-hour candlestick formation