We are still looking for opportunities to buy AUDJPY on dips towards 74.85. This video goes through our multi-timeframe setup.
Here is our day trade idea for today...
Broken out of the channel formation to the upside.
There is scope for mild selling at the open but losses should be limited.
Bespoke support is located at 74.85.
Further upside is...
I am looking for a long trade at current prices.
The 2-period RSI is overbought
Price recently broke out above, and is now retesting dynamic support on the 50EMA
A bullish inside bar has formed
Conservative targets at 108.4 - 108.5 range
NB: The daily and weekly candles suggest the longer term trend is bearish
On the technical's this looks like a perfect setup for me. However Bearish JPY in the past hour or so means we could get stopped out rather quickly. So on to my setup!
We have Bearish three point moves on the 1D, 4H and 1H.
Price has recently pulled in to my last chance entry zone on the 4H and provided us with a lovely Double Top entry to get...
The technical cross-section**:
A strength of trend: -1
The priority area of transactions: selling
Selling in the area of 1,1260 with a stop above 1,1290 and a profit in the area of 1,1200.
Selling in the area of 1,1320 with a stop above 1,1370 and a profit in the area of 1,1200.
The purchase in the area of 1,1210...
Looking to catch the right shoulder before CADCHF continues to the upside as I believe this is the beginning of a potential reversal from the major demand zone.
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Looking for a break of this current weak zone that price is within. This zone may make price stall for a short period of time giving traders false hope of a reversal and induce them to buy early. Expect price to drop down to our last demand zone giving us higher odds.
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