AUD/JPY intraday: the downside prevails as long as 74.85 is resistance
Our pivot point stands at 74.85.
Comment:
the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (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 74.85 and 75.02).
Alternative scenario:
above 74.85, look for 75.07 and 75.21.
Our preference:
the downside prevails as long as 74.85 is resistance.
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