AUDJPY (D) - medium term bullish bias
The Australian dollar has been rising along a well-defined trend line which acts like a strong support level in case of pullbacks. The price tested the previous high of 75.50 without success in November and buyers are consolidating near the trend line in hope of another attempt. A successful break above that resistance could trigger an extended rally towards 77. The upbeat sentiment would remain intact as long as the price does not drop below the line.
Key support: 73.40
Key resistance: 75.50
The Australian dollar has been rising along a well-defined trend line which acts like a strong support level in case of pullbacks. The price tested the previous high of 75.50 without success in November and buyers are consolidating near the trend line in hope of another attempt. A successful break above that resistance could trigger an extended rally towards 77. The upbeat sentiment would remain intact as long as the price does not drop below the line.
Key support: 73.40
Key resistance: 75.50