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01:02 AUD/JPY: return to crossover level could be bought

The advance set in motion by the AUD/JPY pair lead to a cross between the 100 and 200-SMA on the 4hr charts.

Should bulls gain conviction on this signal, the 200-SMA could be defended on a price drop. The recent lows are at a relative narrow distance from the price level where the so-called “Golden Cross” occurred.

The bullish outlook should be reconsidered by a close below the 200-SMA.

01:02 The week closed with a Doji in EUR/CHF

The emergence of a Southern doji pattern on the EUR/CHF weekly chart suggests a certain degree of exhaustion in this market.

ADX readings above 30 indicating a strong trend coupled with the RSI below 40% strengthen the argument a reversal from oversold territory is now likely.

Southern doji candles are considered bullish especially when formed during a declining leg. In any case it should be treated with caution as the pattern can often appear numerous times during a downtrend.

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Data source: FX Street
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