On the chart we see price has broken the trendline and hit its key support level where it was rejected - It is a key level as we can see multiple rejections on the chart if you look further back
It then retraced to the trendline and was rejected again
Once price has broken support we can look for sell entries to the target shown on the chart
. There is still a possibility of temporary retracement to suggested resistance line (75.2). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. AUDJPY is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic...
Price broke the ascending channel at 75.32 and is currently pulling back. I'll be entering short at around 75.10. My TP is around 74.70. I may hold some of my position if PA suggests further downside to 74.36.
Price is still in an uptrend
Price Touched the lower trendline
At 15mins chart price created double bottom with long wick rejection
2nd candle taking out first candle
Price crossing 15mins EMA and finding support at previous resistance level
Price at support level which was previous resistance level
- BEARISH CHANNEL W/ PRICE ON 3/4 AREA (+ SMALLER BULLISH CHANNEL WITH RICE AT UPPER RANGE)
- UPPER BOUNDARY OF BULLISH DAILY + HOURLY CHANNEL
- SIGNIFICANT NUMBER
- 50% + 618% FIBONACCI RETRACEMENT
**THIS ANALYSIS IS CONDUCTED AFTER CORRELATION ANALYSIS OF OTHER MARKETS IS CONDUCTED**
**ADDITIONAL RISK AGAINST LONGER TERM HTF BIAS**
respected trendline on 4 H & 1 H TF
Also, bullish engulfing formed on 4 H TF, looks it could come & check last resistance.
SL below: 74.86
I am still in learning phase. Please share your views with your valuable feedback!
AUDJPY - See a pennant structure forming here. Will be waiting for a breakout of this pattern before entering a position. Currently near a strong hourly, and 4 hourly resistance level as well, so if we break upside, and break above the resistance we can look to add more positions.