Doc K
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Why AUD/JPY Should be Bullish from a Technical Perspective
Well, at first, when you look at the 4H AUD/JPY chart, you see a sideways market. 1) The 200-, 100-, and 50-period simple moving averages are all clustered together. 2) The RSI has been pushing above 70 and below 30. The first half of July was bearish, but that didn’t last when price in late July broke above the earlier falling trendline. The breakout however, does not mean a bullish trend is developing, especially when price dipped back into the cluster of moving averages, and the 4h RSI dipped to 30. While there has been a sideways market indeed since April, I believe the market is showing bullish bias and ... (full story)
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