AUDJPY : TURBULENCES

4월 10일

- The market has been trading above a bullish trendline since mid-March. The mid-term trend is then bullish

- Since the impact below and a new 9-years high at 100.812, the market registered a sharp pull-back, with an acceleration brought by today's disappointing US CPI report.
This correction happened following a bearish divergence between the market and the MACD indicator.

Both short-term moving averages are reversing to the downside.

- The mid-term bullish trend remains valid so far. But the bearish divergence taking place as the market approached a new long-term high opened a door for the correction.
New support level can be found towards 99.528 (50% Fibonacci) and 99.228 (61.8%), just above the mid-term trendline.


Pierre Veyret, Technical Analyst at ActivTrades


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