AUD/JPY intraday: the RSI is oversold
97.73 is our pivot point.
Our preference: the downside prevails as long as 97.73 is resistance.
Alternative scenario: the upside breakout of 97.73, would call for 97.93 and 98.06.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 97.80 and 97.91). Finally, the AUD/JPY is trading below its lower Bollinger band (standing at 97.55).
Supports and resistances:
98.06 **
97.93 *
97.73 **
97.64
97.52 last
97.26
97.14 **
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