• AUD/JPY extends rebound from 50% Fibonacci retracement level on RBA Minutes.
  • RBA policymakers hint at further rate hikes but signal uncertainty ahead, per the minutes.
  • RSI recovery from oversold territory also favors buyers to aim for the previous support line.
  • Two-week-old horizontal support zone could test bears past 93.10.

AUD/JPY picks up bids to consolidate intraday losses around 93.60 during Tuesday’s Asian session. In doing so, the cross-currency pair tries to cheer cautiously optimistic statements from the Reserve Bank of Australia’s (RBA) Minutes of the latest monetary policy meeting.

RBA Minutes mentioned that the board expects to take further steps in the process of normalizing monetary conditions over the months ahead, but it is not on a pre-set path, per Reuters.

Technically, AUD/JPY rebounds from the 50% Fibonacci retracement level of July 27 to August 02 downturn. The recovery moves also gain support from the RSI (14) as it recovers from the oversold territory.

However, the 200-HMA level surrounding 93.85 restricts the immediate upside of the AUD/JPY pair ahead of the previous support line from August 05, close to the 95.00 threshold at the latest.

On the contrary, a downside break of the 50% Fibonacci retracement level of 93.10 could quickly fetch the AUD/JPY prices toward the fortnight-long horizontal support area near 93.20-30.

AUD/JPY: Hourly chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price 93.66
Today Daily Change 0.03
Today Daily Change % 0.03%
Today daily open 93.63
 
Trends
Daily SMA20 94.08
Daily SMA50 93.86
Daily SMA100 92.97
Daily SMA200 88.1
 
Levels
Previous Daily High 95.09
Previous Daily Low 93.07
Previous Weekly High 95.15
Previous Weekly Low 93.21
Previous Monthly High 95.76
Previous Monthly Low 91.42
Daily Fibonacci 38.2% 93.84
Daily Fibonacci 61.8% 94.32
Daily Pivot Point S1 92.77
Daily Pivot Point S2 91.91
Daily Pivot Point S3 90.74
Daily Pivot Point R1 94.79
Daily Pivot Point R2 95.95
Daily Pivot Point R3 96.82

 

 

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