AUDJPY analysis for 03.08.2023

On the 4-hour timeframe for AUDJPY, the RSI smoothly shifted below the centerline, signaling a potential bearish bias. Recent price action displayed a sharp bearish movement followed by an equally sharp bullish trend. Furthermore, the shorter moving average crossing below the longer moving average confirms a potential downtrend. Traders should exercise caution and closely monitor price movements for potential selling opportunities.

• There is a resistance level at 95.840; followed by resistance at 95.676 and 95.310.

• There is a support level at 92.213. Below, there are 92.785 and 93.244.