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HomeFinance NewsAUD/USD and AUD/JPY Surge: Is Momentum Sustainable?

AUD/USD and AUD/JPY Surge: Is Momentum Sustainable?

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The Australian Dollar (AUD) is showing an interesting technical landscape against the US Dollar (USD) and Japanese Yen (JPY). On the daily chart, AUD/USD has surged, leaving behind a Bullish Engulfing candlestick pattern, which could indicate a potential reversal. However, further confirmation is needed. Key levels to watch include the 50-day Moving Average, which may act as resistance and push prices lower. If a break lower occurs, the November low of 0.6272 could come into play.

On the other hand, AUD/JPY has confirmed a breakout above a Symmetrical Triangle chart formation, signaling an extension of the uptrend seen earlier this year. However, negative RSI divergence suggests that upside momentum might be fading, possibly leading to a turn lower. Immediate support is located at the 23.6% Fibonacci retracement level at 94.93, while a continued rise could target the current 2023 peak of 97.67.

Overall, the Australian Dollar is facing different technical scenarios against the US Dollar and Japanese Yen. Confirmation of reversal signals and key level breakouts will be crucial in determining future price action. Traders should closely monitor these levels for potential trading opportunities.

(Note: This summary maintains the original context of the article and expands it into three paragraphs without altering the information provided.)

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