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From : FX Daily Hotline: 24 July 2014
Chart of the day: A$ rallies against the Yen

The Aussie Dollar rallied above the 50-day MA to now encounter the horizontal 96 level and test its short term top against the Japanese Yen.

Given that the pair is not yet overbought on the 14-day RSI, we watch for a test of this region of resistance below April-July ceiling at 96.5. If it fails to break upwards, we would anticipate continued range trading as support remains at both the 50-day and 100-day MA lines.

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