Where To Target Rebounds In AUD/USD & USD/JPY?
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AUD/USD underwent an elongated downtrend until January this year. Of note is that the down move has been framed within a multiyear descending channel and appears similar to the one in 1990s. Monthly stochastic indicator has started inching higher after testing a floor which indicates early signs of stabilization. If we drop down to daily chart, AUD/USD recently probed the 200 day MA tentatively and approached towards support of 0.7060, the 76.4% retracement of first leg of recovery.
It appears to be evolving within a probable inverted H&S which points towards possibility of upside. With daily MACD in positive territory,a move towards 0.7670 and even towards the neckline at 0.7780/0.7830 looks likely.
USD/JPY is showing a recovery after sustaining above our earlier highlighted support level of 100, the 50% retracement of whole uptrend since 2011. With daily RSI near a multi month trend, a rebound looks plausible towards highs formed earlier this month at 103.60/103.80.
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