Aussie trades weaker across the board on dismal retail sales and trade data.
The antipodean muted as RBA kept interest rates unchanged as expected, offered little surprises.
AUD/JPY closed below 200-DMA. Technical studies are bearish, we see scope for further weakness.
RSI and Stochs are biased lower. We also see -ve DMI dominance and ADX is rising to support trend.
The pair is trading in a 'Symmetric Triangle' pattern and finds strong support at 85.50.
Violation at 85.50 ('Triangle Base') will see scope for weakness till 84.66 (Dec 7 low).
We see bearish invalidation only on breakout at 200-DMA at 86.50 levels.
Support levels - 85.50 (Triangle Base), 85.36 (78.6% Fib retrace of 84.349 to 89.089 rally), 84.66 (Dec 7 low)
Resistance levels - 86.16 (61.8% Fib retrace of 84.349 to 89.089 rally), 86.50 (200-DMA), 86.92 (5-DMA)
Good to short rallies around 85.50/60, SL: 86.25, TP: 80/ 84.70/ 84.35
The antipodean muted as RBA kept interest rates unchanged as expected, offered little surprises.
AUD/JPY closed below 200-DMA. Technical studies are bearish, we see scope for further weakness.
RSI and Stochs are biased lower. We also see -ve DMI dominance and ADX is rising to support trend.
The pair is trading in a 'Symmetric Triangle' pattern and finds strong support at 85.50.
Violation at 85.50 ('Triangle Base') will see scope for weakness till 84.66 (Dec 7 low).
We see bearish invalidation only on breakout at 200-DMA at 86.50 levels.
Support levels - 85.50 (Triangle Base), 85.36 (78.6% Fib retrace of 84.349 to 89.089 rally), 84.66 (Dec 7 low)
Resistance levels - 86.16 (61.8% Fib retrace of 84.349 to 89.089 rally), 86.50 (200-DMA), 86.92 (5-DMA)
Good to short rallies around 85.50/60, SL: 86.25, TP: 80/ 84.70/ 84.35
