Created
: 2024.06.15
2024.06.15 06:02
In Friday's session, the AUD/JPY pair further descended as buyers continued to realize their profits, which led to the pair falling briefly below the 20-day Simple Moving Average (SMA) at 103.60, only to regain ground above the 104.00 mark. This bounce-back signals that the 20-day SMA has assumed the role of a robust support line. Nevertheless, the ongoing consolidation phase suggests a lack of drive for a significant surge.
On a daily scale, the Relative Strength Index (RSI) now reads 56, a slightly lower figure from Thursday's reading of 57. This indicates a marginal downward trend, signaling a potential easing of the previous upward momentum. Conversely, the Moving Average Convergence Divergence (MACD) continues to print flat red bars, signifying a stable selling momentum.
To wrap up, the AUD/JPY pair exhibits signs of ongoing consolidation, despite Friday's further descent, with trading activity concentrated around the 20-day SMA. The range of 102.00-104.00 for the imminent sessions could be indicative of continued side-ways trading as bulls look to consolidate the gains from May's rally that propelled the pair near the 105.00 mark.
Nonetheless, the consolidation could suggest the bulls are preparing for the next upward movement, potentially aiming for the 104.50-105.00 range once again. In contrast, a breach of the 20-day SMA could tempt the bears, with further supports lining up at 102.60, and the long-term 100 and 200-day SMAs, which reside in the 100.00 and 98.00 zone.
Created
: 2024.06.15
Last updated
: 2024.06.15
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