'Bearish Butterfly Pattern' on AUD/JPY, good to go short on break below 87.82.
AUD/JPY recovery fails to hold gains above 5-DMA, extends downside for 4th successive session.
Technical studies are turning bearish. RSI and stochs are biased lower. MACD is showing a bearish crossover on signal line.
The pair has been struggling to extend gains above weekly 200-SMA at 88.64.
20-DMA is strong support at 87.82, break below could see extension of downside.
Support levels - 87.82 (converged 20-DMA & weekly 5-SMA), 87.55 (23.6% Fib retrace of 81.486 to 89.425 rally), 87
Resistance levels - 88.49 (5-DMA), 88.64 (weekly 200-SMA), 89, 89.42 (July 27 high)
Good to go short on decisive break below 20-DMA at 87.82, SL: 88.50, TP: 87.55/ 87/ 86.40
AUD/JPY recovery fails to hold gains above 5-DMA, extends downside for 4th successive session.
Technical studies are turning bearish. RSI and stochs are biased lower. MACD is showing a bearish crossover on signal line.
The pair has been struggling to extend gains above weekly 200-SMA at 88.64.
20-DMA is strong support at 87.82, break below could see extension of downside.
Support levels - 87.82 (converged 20-DMA & weekly 5-SMA), 87.55 (23.6% Fib retrace of 81.486 to 89.425 rally), 87
Resistance levels - 88.49 (5-DMA), 88.64 (weekly 200-SMA), 89, 89.42 (July 27 high)
Good to go short on decisive break below 20-DMA at 87.82, SL: 88.50, TP: 87.55/ 87/ 86.40
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TP 1 hit
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All targets hit.
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Bears eye 50-DMA at 86.00