Twin resistance capping further gains so far this week for the AUD/JPY currency pair. Since the March lows, the multi-month rally is at risk of breaking down as it approaches twin resistance at (1). The long term downtrend trend which started back in November 2014, could once again provide a good selling opportunity here for the short-medium term.
Alternatively, if the bulls can manage to drive prices beyond this inflection point (1) it will most likely set the tone for higher prices for the medium-long term, which will also send a bullish message to the precious metals markets, Gold in particular.
Short term sentiment amongst small participants is approx. 61% bullish, whereas long term sentiment is neutral for this pair. Smart money hedgers are net short -6505 contracts on the AUD, and -32,518 contracts short on the JPY.
Short term resistance Levels:
7704.0 7713.4 7730.4 7843.2 7847.9 8008.7 8138.5
Short-medium term support levels:
7552.6 7547.9 7537.6 7510.6 7483.5 7435.1 7418.1 7408.7 7365.4 7357.3 7252.6
Alternatively, if the bulls can manage to drive prices beyond this inflection point (1) it will most likely set the tone for higher prices for the medium-long term, which will also send a bullish message to the precious metals markets, Gold in particular.
Short term sentiment amongst small participants is approx. 61% bullish, whereas long term sentiment is neutral for this pair. Smart money hedgers are net short -6505 contracts on the AUD, and -32,518 contracts short on the JPY.
Short term resistance Levels:
7704.0 7713.4 7730.4 7843.2 7847.9 8008.7 8138.5
Short-medium term support levels:
7552.6 7547.9 7537.6 7510.6 7483.5 7435.1 7418.1 7408.7 7365.4 7357.3 7252.6
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.