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Add as a preferred source on Google FxWirePro: AUD/JPY momentum turns bullish, go long for 77.65 AUD/JPY trades with a bullish bias. The pair has broken major trendline resistance on Monday. We have seen a break above 20-DMA on the day. Stochs have rolled over from oversold territory. RSI is biased north. MACD shows…
By FxWirePro Team Aug 30, 2016, 5:08 AM UTC
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AUD/JPY trades with a bullish bias.
The pair has broken major trendline resistance on Monday.
We have seen a break above 20-DMA on the day.
Stochs have rolled over from oversold territory. RSI is biased north.
MACD shows a bullish crossover on signal line and CCI has edged above zero.
We see weakness on break below 76.80 (trendline resistance turned support).
Upside scope till 50-DMA at 77.64, break above could see test of 78 levels.
Recommendation: Good to go long on dips around 77.25, SL: 76.80, TP: 77.65, 78/ 78.18
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