4 Feb 2014
AUD/JPY smashed a number of resistance levels and goes on growing above 88.50
AUD/JPY rebounded from the intraday low of 88.22 and rushed to the current high at 88.65 following the broad based Aussie rally triggered by unexpectedly harsh RBA stance change; now the cross is trading at 88.60 and the upside momentum is still strong.
AUD/JPY is impressed by RBA decision
AUD/JPY was under considerable pressure yesterday, together with other JPY crosses. The cross finished the day at 88.26, below the lowest level of the previous week, which spoiled the technical picture. But then the guys from RBA came and set things straight. It took only half an hour to return the cross to the area above yesterday’s highs and the upside momentum is still strong. The Australian central bank left its cash rate at 2.5% - as expected - but made haкыр amendments to its accompanying statement, stating that the rates will be kept stable in the foreseeable future, and, more importantly, removed the indication that the Aussie exchange rate is uncomfortably high. This sent the AUD rallying across the board. Now that AUD/JPY is above 88.50, watch for the resistance of 88.83 (yesterday’s high). Once it is broken the upside may accelerate to 89.00. The support comes at 88.30-20.
What are today’s key AUD/JPY levels?
Today's central pivot point can be found at 88.82, with support below at 87.77, 87.16 and 86.11, with resistance above at 89.43, 90.48 and 91.09. Hourly Moving Averages are bullish, with the 200SMA at 89.38 and the daily 20EMA at 90.97. Hourly RSI is neutral at 79.
AUD/JPY is impressed by RBA decision
AUD/JPY was under considerable pressure yesterday, together with other JPY crosses. The cross finished the day at 88.26, below the lowest level of the previous week, which spoiled the technical picture. But then the guys from RBA came and set things straight. It took only half an hour to return the cross to the area above yesterday’s highs and the upside momentum is still strong. The Australian central bank left its cash rate at 2.5% - as expected - but made haкыр amendments to its accompanying statement, stating that the rates will be kept stable in the foreseeable future, and, more importantly, removed the indication that the Aussie exchange rate is uncomfortably high. This sent the AUD rallying across the board. Now that AUD/JPY is above 88.50, watch for the resistance of 88.83 (yesterday’s high). Once it is broken the upside may accelerate to 89.00. The support comes at 88.30-20.
What are today’s key AUD/JPY levels?
Today's central pivot point can be found at 88.82, with support below at 87.77, 87.16 and 86.11, with resistance above at 89.43, 90.48 and 91.09. Hourly Moving Averages are bullish, with the 200SMA at 89.38 and the daily 20EMA at 90.97. Hourly RSI is neutral at 79.