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Add as a preferred source on Google FxWirePro: AUD/JPY finds major resistance at 78.11, go long on breakout above AUD/JPY edges higher after forming a double bottom at 76.50. Momentum studies are bullish, RSI biased higher and Stochs have rolled over from oversold levels. The pair finds major resistance at 78.11 (50-DMA) and trendli…
By FxWire Pro Aug 8, 2016, 7:24 AM UTC
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AUD/JPY edges higher after forming a double bottom at 76.50.
Momentum studies are bullish, RSI biased higher and Stochs have rolled over from oversold levels.
The pair finds major resistance at 78.11 (50-DMA) and trendline.
Break above could see gains upto 80.23 (100-DMA) and violation there could test trendline at 81.65.
Immediate support is seen at 76.85 (trendline), weakness only below double bottom at 76.50.
Violation there could see drag upto 75 levels.
Recommendation: Good to go long on breakout above 78.11, SL: 76.85, TP: 78.70/ 79.50/ 80.25
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