AUD/JPY 4H Chart: trades above support cluster - Trade Pattern Ideas - Dukascopy Bank
Wed, 17 Oct 2018 06:53:39 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Buy
Sell
Sell
RSI (14)
Neutral
Neutral
Neutral
Stochastic (5; 3)
Sell
Neutral
Neutral
Alligator (13; 8; 5)
Buy
Sell
Sell
SAR (0.02; 0.2)
Buy
Sell
Buy
Aggregate
⇗
⇘
⇒
The Australian Dollar has been trading in a two-week descending channel against the Japanese Yen. This decline started after the currency pair reversed from the upper boundary of a long-term channel down at 82.17.
Currently, the exchange rate is trading above a support cluster formed by the combination of the weekly, the monthly and the 50-hour simple moving average at 80.01 regions.
If the support cluster as mentioned above holds, a breakout through the upper boundary of the two weeks descending channel pattern at 80.09 could be expected within this session.
Meanwhile, technical indicators on the 4(H) time frame flash a bullish signal.
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