What happened? Japanese shares fell on Monday…
AUD/JPY holding above 50% Fibonacci zone
2019-11-11 • Updated
AUD/JPY has entered in a consolidative phase below the 200 SMA at H4 chart, favoring to the bears so far. Technically, the pair tested the 50% Fibonacci retracement level at 85.55, at which we can expect a rebound to take place in order to reach the mid-term target around the -23.6% Fibo level at 81.71. Overall, we can’t rule out another leg lower to test the 65% Fibo zone at 84.40.
RSI indicator remains in the positive territory, favoring to the bullish bias across the board.
AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
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