The shooting star pattern is traced out at peaks of rallies, at 86.067 on weekly and at 86.933 levels on daily terms.

Expect more dips as shooting star evidences slumps that break support below 86.379 and 7-DMA.

RSI signals strength in this declining trend for now, while stochastic curves have been indicating selling momentum on both time frames.

We see the strength in bearish interest as RSI converging to the corresponding downswings right from 70 levels which is overbought territory, %D crossover above 80s which is again overbought territory has been bserved on both weekly and on daily terms.

As a result, the current price has gone below 7DMA.

Hence, we think, interim uptrend seems to be exhausted for now, rallies likely only on break resistance above 86.379 levels.

Fundamentally, there is also the issue of Australia’s AAA downgrade rating, seen at risk.

So one can very well understand every price jumps would easily be wiped off by selling interests.

Hence, at spot ref: 85.508 (while articulating) we advocate one touch binary puts for intraday speculators in an on-going bearish environment that is likely to fetch certain yields as we observe 1D IVs are spiking higher with sky rocketed pace ahead of significant economic event by BoJ’s monetary policy.