- RBA meets market expectations of a 0.25% rate cut.
- 100-HMA and 38.2% Fibonacci retracement confine adjacent rise.
Even after rising on the Reserve Bank of Australia’s (RBA) 0.25% rate cut, AUD/JPY lags beneath 100-HMA while trading near 75.30 during early Tuesday.
Not only 100-hour moving average (HMA) but 38.2% Fibonacci retracement of its downtick since May 20 also limits the pair’s near-term advances around 75.50.
With this, 75.00 and July 2016 low near 74.50 flashes on the bears’ radar ahead of targeting the year 2016 bottom around 72.40.
On the upside break of 75.50, 50% Fibonacci retracement at 75.70 may please buyers before questioning them with 76.20 resistance-level.
Additionally, the pair’s rise above 76.20 enables bulls to target 76.40 and 77.00 during further advances.
AUD/JPY hourly chart
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Trend: Bearish
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