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Alert - 16:40 (CET) - AudJpy
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The AudJpy is trading at 74.19, ranging from 71.89 and 75.71. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The traders are watching the resistances at 80.00 (key), 82.85 (October 3rd high) and 85.16 (October 1st high). The supports, on the other hand, are watched at 73.88 (September 2nd 2003 low), 71.48 (April 8th 2003 low) and 68.74 (January 16th 2003 low).
After the yen climbed almost 12% yesterday against the Aussie, the traders profit took slightly, as there is a momentarily calm down in the credit sector.
The fact that the RBA cut down rates in 100 basis points, doubling the consensus of the market, and the Fed backing more credit firms were some of the reasons for this profit taking.
Moreover, the profit taking contributed to the speculation that the central banks follow the steps of the RBA, easing the credit tensions a bit.
Checking the hourly graphics again, the current price is under the 38.20% (80.98) and over the 38.20% (71.23) Fibonacci retracement lines. The volatility per hour is 280 pips and the 60-minute Relative Strenght Index (RSI) is at 46 points, rebounding from the oversold area.
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