AUDJPY fell aggressively in recent weeks to touch an 11-year low of 59.85, where the pair found fresh buy orders and subsequently rebounded. That said, the price structure on the daily chart still points to a broader downtrend, something reinforced by the ‘death cross’ of the 50-day simple moving average (SMA) below the 200-day one. Moreover, the inability of the bulls to pierce above 67.70 suggests that upside momentum is fading. Short term oscillators paint a mixed picture. Whereas the [..]
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