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FxWirePro: AUD/JPY recovers from session lows at 79.06, strong support seen at 78.90

AUD/JPY recovers from session lows at 79.06, the pair finds strong support at 78.90 (Double bottom - May 27, July 22). Weakness only on break below. Techs on weekly charts support upside in the pair. Rsisng triangle patt…

By FxWire Pro
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FxWirePro: AUD/JPY recovers from session lows at 79.06, strong support seen at 78.90
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  • AUD/JPY recovers from session lows at 79.06, the pair finds strong support at 78.90 (Double bottom - May 27, July 22). Weakness only on break below.
     
  • Techs on weekly charts support upside in the pair. Rsisng triangle pattern on daily charts. 
     
  • Better-than-expected Japanese trade data, supporting the yen, AUD/JPY pared gains to currently trade around 79.40 levels.
     
  • Stiff trendline resistance at 79.95, break above could see test of 80.45 and then 90 levels.
     
  • Violation below 50-DMA at 78.46 finds next support at 78.20 (rising trendline). 
     
  • Break below could accentuate weakness. We then see scope for test of 77.30.
     

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Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560

By FxWirePro Team