AUD/JPY 4H Chart: Remains near resistance cluster - Trade Pattern Ideas - Dukascopy Bank
Tue, 04 Dec 2018 07:42:10 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Buy
Buy
Sell
RSI (14)
Neutral
Neutral
Neutral
Stochastic (5; 3)
Neutral
Sell
Sell
Alligator (13; 8; 5)
Buy
Buy
Neutral
SAR (0.02; 0.2)
Buy
Buy
Buy
Aggregate
⇗
⇒
⇘
Upside risks have been dominating the Australian Dollar versus the Japanese Yen since October 26, after the currency pair made a U-turn from the lower boundary of a long-term descending channel pattern at 78.67.
The exchange rate was trading near a resistance cluster formed by the combination of the weekly and the monthly PPs at 84.21 during the first part of Tuesday's trading session.
If the pair passes the resistance level, it could aim for the upper boundary of the long-term ascending channel at 85.39 during the following trading sessions.
On the other hand, if the resistance cluster holds, the currency exchange rate is likely to make a brief retracement towards a support level set by the 50– and 100-hour SMAs at 82.55.
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