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pure_technical

additional information for going short in AUDJPY

Euro / Australian Dollar (FX:EURAUD)  
pure_technical  
FX:EURAUD   Euro / Australian Dollar
Trend Analysis Beyond Technical Analysis Chart Patterns
3
0
trendanalysis beyondta chartpattern
Sometimes looking at other currency pairs may help. Here the EURAUD is breaking the trading channel, showing a buying signal. Also what I read is the currency strength indicator and other EUR related pairs showing that EUR is not having a bullish trend itself. So it is more likely related to the bearish trend of AUD. Moreover, if EURAUD is really gonna go rocket after breaking the trading channel then it means a lot of traders will SELL more AUD and BUY EUR. The more it been selling, the cheaper the price it would be. When it is cheaper, it will affect the price actions in AUDJPY, which could pull the rate down.
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