The pair is recovering and correcting before the release of important inflation data in the US in the end of this week. If the consumer inflation and industrial inflation figures don't disappoint, and retail sales figures grow, the price is likely to start falling again.
The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is on the level of 50%. Stoch are reversing upwards.
Trading recommendations:
The pair should be sold at its local growth from 1.3200 with a possible target of 1.2935.
AUD / JPY Xem kỹ thuật & biểu đồ hàng ngày
09/10/17 12:42 PM
After breaking the channel, the pair is looking forward to the next support level.
Last week the AUD/JPY declined by more than 130 pips after the negative retail sales from Australia, which came at -0.6% compared to the forecasted at 0.3% and the previous one at -0.2%. As a result, the pair slipped from 88.60 to trade now at 87.30. In our last report about the pair we recommended buying the pair around 88.00 and the prices hit our targets at 89.00 and 90.20.
The pair is trading at the support level 87.38 after it broke the short-term price channel last Friday and closed the candle below it, so it may lead the price to further lows in the next days. The moving average is trading above the price to support the negative movement but we have to see a candle close below the support level. The RSI indicator is ahead of 10 level to make an overbought action.
The Next Few Days
Based on this analysis of the the daily chart, we will look forward to an H4 or daily candle closing below the support level 87.38 to sell the pair below it, keeping our target at 85.80. Then we will stay out of the market to see what will happen and the lower limit of the long-term channel. On the other hand, if we see the price back to trade above 88.25 we can buy it till the next resistance level.
This week the markets don’t have any important news from Australia or Japan but we will trade carefully regarding any uncalendared news because of the political tensions between the USA and North Korea.
Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
No comments:
Post a Comment