AUDJPY – Support/Resistance analysis: Price Analysis: Corrective pullback approaches 200-HMA after RBA Minutes

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AUDJPY – Support/Resistance analysis: Price Analysis: Corrective pullback approaches 200-HMA after RBA Minutes

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• AUD/JPY extends rebound from 50% Fibonacci retracement level on RBA Minutes.
• RBA policymakers hint at further rate hikes but signal uncertainty ahead, per the minutes.
• RSI recovery from oversold territory also favors buyers to aim for the previous support line.
• Two-week-old horizontal support zone could test bears past 93.10.

The pair currently trades last at 93.66.

The previous day high was 95.09 while the previous day low was 93.07. The daily 38.2% Fib levels comes at 93.84, expected to provide resistance. Similarly, the daily 61.8% fib level is at 94.32, expected to provide resistance.

AUD/JPY picks up bids to consolidate intraday losses around 93.60 during Tuesday’s Asian session. In doing so, the cross-currency pair tries to cheer cautiously optimistic statements from the Reserve Bank of Australia’s (RBA) Minutes of the latest monetary policy meeting.

RBA Minutes mentioned that the board expects to take further steps in the process of normalizing monetary conditions over the months ahead, but it is not on a pre-set path, per Reuters.

Technically, AUD/JPY rebounds from the 50% Fibonacci retracement level of July 27 to August 02 downturn. The recovery moves also gain support from the RSI (14) as it recovers from the oversold territory.

However, the 200-HMA level surrounding 93.85 restricts the immediate upside of the AUD/JPY pair ahead of the previous support line from August 05, close to the 95.00 threshold at the latest.

On the contrary, a downside break of the 50% Fibonacci retracement level of 93.10 could quickly fetch the AUD/JPY prices toward the fortnight-long horizontal support area near 93.20-30.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

AUDJPY currently trading at 93.66 at the time of writing. Pair opened at 93.63 and is trading with a change of 0.03% % .

The pair is trading below its 20 Daily moving average @ 94.08, below its 50 Daily moving average @ 93.86 , above its 100 Daily moving average @ 92.97 and above its 200 Daily moving average @ 88.1

The previous day high was 95.09 while the previous day low was 93.07. The daily 38.2% Fib levels comes at 93.84, expected to provide resistance. Similarly, the daily 61.8% fib level is at 94.32, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 92.77, 91.91, 90.74
• Pivot resistance is noted at 94.79, 95.95, 96.82

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