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Weekly forecast Australian Dollar / Japanese Yen technical chart
Symbol AUDJPY

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateAugust 1, 2020 - 22:22
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 76.850, beginning of downtrend is expected.
  • We make sure when the support at 69.950 breaks.
  • If the resistance at 76.850 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 76.775 on 2020-06-08 and the peak at 76.86 on 2020-07-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI support #1 at 50 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 76.85 on 07/22/2020, so more losses to support(s) 74.70, 73.40, 72.40 and minimum to Major Support (69.95) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 58.

Supports and Resistances:

  1. 90.30
  2. 85.85
  3. 82.75
  4. 80.70
  5. 76.85
  6. 72.40
Click on the level to view price action history.