A key upside barrier on AUD/JPY
A key upside barrier on AUD/JPY
The AUD/JPY remains above the 50-day moving average and is designed to break through key resistance levels, including the 38.2% Fibonacci retracement of the overbought RSI. After the breakthrough, the 100-day EMA and the 50% Fibonacci retracement. The Australian dollar is trading near a six-week high and faces a key upside barrier as Asia needs to fall back to 74.00 early Thursday.
While the continuous trading over 50-day exponential moving average (EMA) and 7-day continuous trading portrayed the strength of the pair, further gains appear to be challenged by the 74.05 / 15 region, including the 38.2% Fibonacci retracement It fell from April to August and was low at 20/21 in June.
In addition, adding a question mark to the extended rally is an overbought condition for the 14-day Relative Strength Index (RSI). If the price rebounds above 74.15 on a daily close, then the 100-day EMA is around 74.60 and the 50% Fibonacci retracement is close to 75.35 on the long list.
On the downside, the pair’s close below the 50-day EMA level of 73.30 will be seen as triggering a drag on the quotation to the 23.6% Fibonacci retracement level of 72.50, while the two-week uptrend line (now 72.32) may limit Other downtrends.
The Euro only continues to drop lower and lower. When we looked at the EUR/USD pair on the 7th, it was at a 4-month low. When we revisited it just under a week ago, it had managed to hit a low not reached since April 2017. And now the Euro has dropped further still, sinking below the 1.0800 mark. It seemed to recover slightly, but has now dropped back down, leading to a 34-month low.
Magic Keys now available for BlackBull Markets Clients Here at BlackBull Markets we are committed to providing the best service and smoothest trading experience possible, which is why we are pleased to announce that Magic Keys are now available for all...
The Nikkei, or Japanese Stock Market Index, is down 1.6% after a fall of 330 points, marking a fourth straight day of losses.
The most obvious factor affecting this is the continuing fears of the coronavirus, which is affected all Asian markets as the severity of the virus only worsens.
Black Bull Group Limited (trading name: BlackBull Markets) is a New Zealand registered and incorporated company (company number: 5463921). We are also registered with the Financial Services Provider Register (number: FSP403326).
Black Bull Group UK Limited is registered in United Kingdom, Company Number - 9556804. Payment clearing services provided by: BlackBull Group UK Limited (Company Number - 9556804) Address - 483 Green Lanes, London, Greater London, United Kingdom, N13 48S
Risk Warning: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.
Copyright © 2020 Black Bull Group Limited. All Rights Reserved.