#AUDJPY @ 93.0780 snaps two-day uptrend, holds lower ground of late., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• AUD/JPY snaps two-day uptrend, holds lower ground of late.
• China’s Caixin Manufacturing PMI came in firmer but failed to project activity increase in November.
• Convergence of 50-HMA, ascending trend line from Tuesday restricts immediate downside.
• 200-HMA, Fortnight-old resistance line and bearish MACD signals challenge recovery moves.

The pair currently trades last at 93.0780.

The previous day high was 93.85 while the previous day low was 92.57. The daily 38.2% Fib levels comes at 93.36, expected to provide resistance. Similarly, the daily 61.8% fib level is at 93.06, expected to provide support.

AUD/JPY struggles to justify upbeat China activity numbers during early Thursday as sellers poke short-term key support around 93.00 by the press time.

China’s Caixin Manufacturing PMI rose to 49.4 in November versus 48.9 market forecasts and 49.2 previous readings. Even so, the private activity gauge remains in the contraction region for the fourth consecutive month.

As a result, the bears poke a convergence of the 50-HMA and a three-day-old ascending support line near 93.00.

In addition to the data, the cross-currency pair’s downside break of the 200-HMA, around 93.45 by the press time, also keeps the AUD/JPY bears hopeful, not to forget the bearish MACD signals and a U-turn from the fortnight-long resistance line.

Due to these signals, the AUD/JPY price is likely to break the 93.00 support confluence and can poke the latest trough surrounding 92.15.

However, any further downside past 92.15 could make the pair vulnerable to challenging October’s low near 90.85.

On the contrary, recovery moves need a clear upside break of the 200-HMA level surrounding 93.45 before challenging the aforementioned resistance line, close to 93.80 at the latest.

Following that, multiple hurdles around 94.00 and 94.10 could challenge the AUD/JPY bulls before giving them control.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

AUDJPY currently trading at 93.03 at the time of writing. Pair opened at 93.74 and is trading with a change of -0.76% % .

The pair is trading below its 20 Daily moving average @ 93.78, below its 50 Daily moving average @ 93.71 , below its 100 Daily moving average @ 94.32 and above its 200 Daily moving average @ 92.77

The previous day high was 93.85 while the previous day low was 92.57. The daily 38.2% Fib levels comes at 93.36, expected to provide resistance. Similarly, the daily 61.8% fib level is at 93.06, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 92.92, 92.11, 91.64
• Pivot resistance is noted at 94.2, 94.67, 95.48

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