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ٹریڈنگ خبریں
11 Aug 2017
Warning of a potential short-term bottom in AUD/JPY
A counter trend reaction in AUD/JPY may flourish as oversold conditions need a definite alleviation.
Even though markets look to keep the pressure on the AUD/JPY, as denoted by the alignment of the 50-SMA well below the 200-SMA, the stochastic (14,3,3) threatens to change the bearish status quo. The oscillator has printed just above the oversold level with the recent hourly close. This is a rare but not uncommon technical set-up warning of a potential short-term bottom.
Traders following the 4hr stochastic, still under 50%, don’t necessarily need to liquidate their longer-term sell positions. Nevertheless, the 1hr stochastic is increasingly backing the idea that it could be necessary soon.
Even though markets look to keep the pressure on the AUD/JPY, as denoted by the alignment of the 50-SMA well below the 200-SMA, the stochastic (14,3,3) threatens to change the bearish status quo. The oscillator has printed just above the oversold level with the recent hourly close. This is a rare but not uncommon technical set-up warning of a potential short-term bottom.
Traders following the 4hr stochastic, still under 50%, don’t necessarily need to liquidate their longer-term sell positions. Nevertheless, the 1hr stochastic is increasingly backing the idea that it could be necessary soon.