Magazine

Aud/jpy

Posted on the 23 October 2019 by Merks50

AUD/JPY intraday: the RSI is oversold
Our pivot point is at 74.25.
Comment:
the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the pair stands below its 20 and 50 MAs (respectively at 74.29 and 74.44).
Alternative scenario:
above 74.25, look for 74.48 and 74.61.
Our preference:
the downside prevails as long as 74.25 is resistance.