AUDJPY Short
Our pivot point is at 95.24.
Our preference:
the downside prevails as long as 95.24 is resistance.
Alternative scenario:
the upside breakout of 95.24, would call for 95.64 and 95.88.
Comment:
the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 95.23 and 95.50).
Our preference:
the downside prevails as long as 95.24 is resistance.
Alternative scenario:
the upside breakout of 95.24, would call for 95.64 and 95.88.
Comment:
the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 95.23 and 95.50).
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