AUD/JPY closes below 200-DMA, more downside on cards
Aussie trades weaker across the board on dismal retail sales and trade data.
The antipodean muted as RBA kept interest rates unchanged as expected, offered little surprises.
AUD/JPY closed below 200-DMA. Technical studies are bearish, we see scope for further weakness.
RSI and Stochs are biased lower. We also see -ve DMI dominance and ADX is rising to support trend.
The pair is trading in a 'Symmetric Triangle' pattern and finds strong support at 85.50.
Violation at 85.50 ('Triangle Base') will see scope for weakness till 84.66 (Dec 7 low).
We see bearish invalidation only on breakout at 200-DMA at 86.50 levels.
Support levels - 85.50 (Triangle Base), 85.36 (78.6% Fib retrace of 84.349 to 89.089 rally), 84.66 (Dec 7 low)
Resistance levels - 86.16 (61.8% Fib retrace of 84.349 to 89.089 rally), 86.50 (200-DMA), 86.92 (5-DMA)
Good to short rallies around 85.50/60, SL: 86.25, TP: 80/ 84.70/ 84.35
The antipodean muted as RBA kept interest rates unchanged as expected, offered little surprises.
AUD/JPY closed below 200-DMA. Technical studies are bearish, we see scope for further weakness.
RSI and Stochs are biased lower. We also see -ve DMI dominance and ADX is rising to support trend.
The pair is trading in a 'Symmetric Triangle' pattern and finds strong support at 85.50.
Violation at 85.50 ('Triangle Base') will see scope for weakness till 84.66 (Dec 7 low).
We see bearish invalidation only on breakout at 200-DMA at 86.50 levels.
Support levels - 85.50 (Triangle Base), 85.36 (78.6% Fib retrace of 84.349 to 89.089 rally), 84.66 (Dec 7 low)
Resistance levels - 86.16 (61.8% Fib retrace of 84.349 to 89.089 rally), 86.50 (200-DMA), 86.92 (5-DMA)
Good to short rallies around 85.50/60, SL: 86.25, TP: 80/ 84.70/ 84.35
