Looking at both the candlestick and line charts on the 1M timeframe, its evident that price has come upon an area of historical resistance.
Analyzing the most recent candlesticks , its also evident that the AUD, while appreciating against the YEN, is losing momentum.
It's possible to attribute this recent strength in this pair due to the weakness in the JPY rather than the strength of the AUD.
Looking at the line chart, we can see a clear trend-line which has since been tested 3 times previously - all rejected.
There is a high probability we have the same effect moving forward.
Of course, all trades had some probability of going against our initial analysis - this is the market. However, based on the data given on the chart, I dont think its quite necessary to mention any bullish bias' unless price can convincingly break and close above this long term trendline.
I will be building shorts in the mean time. This isnt financial advice, but....
Analyzing the most recent candlesticks , its also evident that the AUD, while appreciating against the YEN, is losing momentum.
It's possible to attribute this recent strength in this pair due to the weakness in the JPY rather than the strength of the AUD.
Looking at the line chart, we can see a clear trend-line which has since been tested 3 times previously - all rejected.
There is a high probability we have the same effect moving forward.
Of course, all trades had some probability of going against our initial analysis - this is the market. However, based on the data given on the chart, I dont think its quite necessary to mention any bullish bias' unless price can convincingly break and close above this long term trendline.
I will be building shorts in the mean time. This isnt financial advice, but....
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).