• FxWirePro: AUD/JPY holds break above 110-ema at 83.12, weakness only on break below

    Source: FxWire Pro - Technicals / 17 Jul 2018 02:42:23   America/New_York

    • AUD/JPY is extending consolidation after break above 110-EMA, bias higher.
       
    • Technical indicators on daily charts are bullish, Stochs show bullish momentum and RSI shows strength above 60.
       
    • Price action has edged above daily cloud and major moving averages.
       
    • Upside finds immediate resistance at 38.2% Fib at 83.78. Break above will see test of 200-DMA at 84.57.
       
    • Break above 200-DMA and further bullishness is hard to see as RBA reiterated wait-and-watch stance for the indeterminate future.
       
    • On the flipside, we see weakness on break below 110-EMA at 83.12. Scope then for test of 21-EMA at 82.51.

    Support levels - 83.21 (5-DMA), 83.12 (110-EMA), 82.51 (21-EMA)

    Resistance levels - 83.78 (38.2% Fib), 84, 84.57 (200-DMA)

    FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 30.9526 (Neutral), while Hourly JPY Spot Index was at -90.6046 (Bearish) at 0625 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
     

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