AUDJPY has arrived on my daily trendline. Currently looks like an inverse H+S formation forming, a good entry area would ideally be around the 77.660 region. With Long targets up to my counter-trendline.
I did not plan to trade this pair last week, but after NFP I saw a potential bullish setup on M15 and took the trade at 76.518 level. I have 2 TP levels on this one, 1st one 77.687 and 2nd one at 78.668 area.
I do expect a struggle at my TP1 level with a possible rejection. If so happens, then I expect the pair to test Weekly support at 74.500 area.
The pair has fallen 400 pips in 10 days reaching my monthly support line, expecting a reversal in direction coming soon for a potential long term move upwards. If the pair breaks the structure, a tight stop loss should be in place to recover any losses.
Looking more towards a sell on this pair possibly looking to come down and retest several zones. Daily bearish divergence we also had a break and close situation with a retest happen followed by the latest daily bearish engulfing candle. looking to sell this down to at least the trend line and see what the market offers us if we stay in or not to hold it down as ...
The currency pair has been in a downward descending channel since March 18 and is approaching the top level of the channel again. It is also approaching level with lots of resistance and support and could potentially line up nicely with 50% fib level or even test the 61% fib level before turning down again. Waiting for an entry on the 1 hour chart.
A breakout of ...
Hi traders.
Whenever you are looking at a technical level, always ask yourself the following:
- Am I buying at a potential bargain/wholesale/discount price? (supply or demand zones)
- Why is there more likely to be more supply/demand orders at that area? (new traders entering/traders taking profit)
- What are the underlying fundamental/sentiment drivers that ...
This is a textbook trading opportunity and it doesn't really need much explaining. We are back into previous structure support and we should expect to see a rally from this point.
AUDJPY is currently forming an overall long term pole and bull flag, pattern it is likely to break upwards in a pattern continuation at some point, however it is also in a downward channel trend (the flag). The price action could go either way. It could form a continuation upwards by breaking the flag pattern OR it could continue to form the flag for now.
However ...
This is a potential long on the AUDJPY off a nested bull flag. Price broke out of this long descending channel and is now consolidating just above the trendline break. A break of this bull flag could see prices go into the 84.5 zone which is next major resistance.
Potential sell opportunity this week, has completed a 5 wave corrective pattern with divergence, will be looking for the next 1hr impulse down with the 270 as target profit. This would give us a complete 3 wave pattern in the 1hr.
This pair is the Australian Dollar against the Japanese Yen. In regards to U.S. equities on a short to medium term basis, it is often one of the most highly correlated pairs to price action. The pair tends to decline is a risk off approach and rise in a low risk environment on carry flows.
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