AUD/JPY Price Analysis: Hits highest since April 2019

AUD/JPY hits multi-month highs on US stimulus.The pair eyes key SMA hurdle, as the weekly chart favors a persevered rally.
Buoyed at least in part by using President Trump’s signing of the coronavirus stimulus package, AUD/JPY reached 20-month highs on Monday.

The foreign places money pair traded at 78.88, the very brilliant stage given that late April 2019, having picked up a bid at 78.54 in early Asia.

According to the closing week’s bullish hammer candle, the route of least resistance is to the elevated side. The above-50 readings on the each day and weekly chart relative strength indices in addition element out a bullish bias.

The straight away resistance is located at 79.12 (200-week Simple Moving Average), accompanied with the useful resource of 80.72 (April 2019 high). Meanwhile, 77.49 (last week’s low) is the stage to beat for the sellers.


Read Previous

Top Trading Lessons: A Lesson on Irrational Exuberance and Trader Psychology

Read Next

Gold Price Analysis: XAU/USD eyes monthly top near $1,907 as Trump signs covid aid package – Confluence Detector

Leave a Reply

Your email address will not be published. Required fields are marked *