AUDJPY has been trading in a bearish trend, followed by a falling trendline.
It is trading at an important zone. If the price break above and sustain above it, we will enter long. Failure to do so will call bears in the party.
Was anticipating a run on sell stops at current weekly low based on the weekly close above the last down bar's 50% (So often a retrace occurs).
Price DID come to my alert to take some profit, of which I was asleep. Closed trade before full stop out and went long.
Price is facing bearish pressure from our downside confirmation, where we could see a further drop towards 1st support at 77.13 if price breaks below downside confirmation at 77.61. MACD is also indicating more bearishness to come.
AUDJPY reversed off its resistance at 76.28 where the horizontal swing high is where it could potentially drop further to 1st support.
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AUDJPY Approaching Resistance, Prepare For A Drop
AUDJPY is approaching its resistance at 78.07 (61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal swing high resistance) where it could potentially drop to its support at 76.35 (horizontal swing low support).
Stochastic (55, 5, 3) is approaching its support where a corresponding bounce could...
AUDJPY is approaching its support at 78.51 (61.8% Fibonacci extension ,horizontal swing low support, 50% Fibonacci retracement ) where it could potentially bounce to its resistance at 79.17(61.8% Fibonacci retracement , horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 5% where a corresponding bounce could occur.
Trading CFDs...
AUDJPY is approaching its support at 78.51 (61.8% Fibonacci extension ,horizontal swing low support, 50% Fibonacci retracement) where it could potentially bounce to its resistance at 79.17(61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 5% where a corresponding bounce could occur.
Trading...
After the D1 rezistance was broken, prize has returned to this area , which should became support now. ABCD + fibonaci expansion + H4 TF hidden divergence
I release a Weekly Wrapup & Update every week to all my subscribers on my website. I am re-posting it here but in a limited form due to posting restrictions. If you want to see the COMPLETE post, you are welcome to get it from my website. I am also splitting this post in parts as it is too long to post in one post. So this is Part III of this post. Look for Part 1...
