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AUD/JPY intraday: the RSI is overbought
2024-01-04
518
Our pivot point stands at 96.41.
Our preference: the upside prevails as long as 96.41 is support.
Alternative scenario: the downside breakout of 96.41 would call for 96 and 95.75.
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 above its 20 and 50 period moving average (respectively at 96.46 and 96.34). Finally, the AUD/JPY has crossed above its upper Bollinger band (96.78).
Supports and resistances:
98.10 **
97.85 *
97.60 **
97.35
96.84 last
96.58
96.41 **
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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