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Hellborn
Apr 12, 2015 12:26 PM

AUDJPY: a decent setup  Short

AUSTRALIAN DOLLAR / JAPANESE YENICE

Description

We have several factors of confluence supporting a trade short:
- rejection of .618 fib retrace
-rejection of 50 EMA
-with the trend (I'm not the best at drawing trend lines)
-key 93 area which has acted as previous support
-doji candle shape
I'm looking to take profit around the 90 area. This pair could head lower considering that the RBA is looking to cut rates.
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