Australian Dollar: NEAR-TERM TECHNICAL UPDATE FOR THE AUSTRALIAN DOLLAR, AUD/USD, AND AUD/JPY:
AUD/USD – Daily Update
Recent performance in the Australian Bone against the US Bone and Japanese yearning is setting up an intriguing specialized geography. On the diurnal map below, AUD/ USD surged on Thursday, leaving behind a Bullish Engulfing candlestick pattern. This can at times serve as a reversal signal, but further evidence from then is likely demanded. The pattern surfaced as prices were unfit to confirm a rout under the 78.6 Fibonacci retracement position of 0.6382. On top of this, positive RSI divergence had been persisting, showing that strike instigation has been fading. Similarly, beforehand, there seem to be early suggestions of a reversal. However, evidence is demanded. Keep a close eye on the 50-day Moving Average. The ultimate may hold as resistance, rotating prices lower. else, breaking lower opens the door to face the November low of 0.6272.
AUD/JPY – Daily Update
Meanwhile, the Australian Bone is also pushing advance against the Japanese yearning. Not long agone
, AUD/ JPY verified a route above a Symmetrical Triangle map conformation. That opened the door to extending the dominant uptrend since before this time. Now, prices are facing the14.6 Fibonacci retracement position at 95.97 as immediate resistance. Negative RSI divergence is present, however, showing that upside instigation is fading. That can antecede a turn lower. Such an outgrowth would place the focus on immediate support, which seems to be the 23.6 position at 94.93. else, continuing advance places the focus on reconsidering the current 2023 peak of 97.67.
