- The per hour RSI recuperated after bottoming at oversold conditions.
- The unfavorable outlook is more obvious on the everyday chart with bears threatening the 100-day SMA.
- As long as the bulls hold above the 100 and 200-day SMAs, the general pattern will stay bullish.
In Monday's session, the AUD/JPY set started the week with a drop of 0.50%, trading around the 96.97 level. Bears are in command for the short-term, however their momentum appears to fade. On the more comprehensive scale, the outlook stays bullish
The AUD/JPY set on the everyday chart reveals an unfavorable outlook. The Relative Strength Index (RSI) stays deep in unfavorable area and appears to be en path to the oversold area. The Moving Average Convergence Divergence (MACD) illustrates increasing red bars, recommending an increased bearish momentum.
AUD/JPY everyday chart
Moving to the per hour chart, the RSI leapt back from a low of 30 as bears appeared to be combining their motions. The per hour MACD provides green bars increasing, showing a rise in favorable momentum.
AUD/JPY per hour chart
In conclusion, in spite of the short-term supremacy of the bears, the selling momentum appears to be subsiding. This would provide the purchasers a possibility to make an upward relocation. The more comprehensive scale outlook, thinking about the set's position above its 100 and 200-day SMAs, stresses total bullish control regardless of trading listed below the 20-day average.
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