Sell below 87.93. Stop loss at 88.43. Take profit at 86.66.
Reason for the trading strategy (technically):
We caught the rise on AUDJPY quite nicely yesterday. Today we’re starting to see it on major resistance (Fibonacci retracement, horizontal overlap resistance) and we expect to see a strong drop from this level to push price down to at least 86.66 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance at 99% where we expect a corresponding reaction from.
Correlation analysis: We’re seeing commodities weakness with drops expected on AUDUSD, AUDJPY and NZDUSD.
Reason for the trading strategy (technically):
We caught the rise on AUDJPY quite nicely yesterday. Today we’re starting to see it on major resistance (Fibonacci retracement, horizontal overlap resistance) and we expect to see a strong drop from this level to push price down to at least 86.66 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance at 99% where we expect a corresponding reaction from.
Correlation analysis: We’re seeing commodities weakness with drops expected on AUDUSD, AUDJPY and NZDUSD.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.