AUDJPY - Long Possibility (Elliott Wave)
Currency Pair: AUDJPY
Frequency: Daily
Predicted Direction:
After reaching the High of July 17, AUDJPY successfully breaks through the resistance zone of 89.305 - 90.114, opening up a new uptrend towards to a higher level. The price is currently trading at a subminutte corrective wave iv, which belongs to the impulse wave (III) started from Aug 17. It is expected AUDJPY will find support on the upward trend line (Green) around the level of 87.941 - 88.30 before going up. However, if this level has broken, then the last support level will look at the former resistance level of 87.488.
From the Long-term persepctive, the Reserve Bank of Australia (RBA) will turn hawkish and raise I.R twice next year (Early Feb 18 with 60%), while Japan seems to remain dovish as Abe called the early election and this may continue its ultra-loose monetary policy if he wins. So the price will able to test the higher resistance level of 96.431 - 97.301.
Frequency: Daily
Predicted Direction:
After reaching the High of July 17, AUDJPY successfully breaks through the resistance zone of 89.305 - 90.114, opening up a new uptrend towards to a higher level. The price is currently trading at a subminutte corrective wave iv, which belongs to the impulse wave (III) started from Aug 17. It is expected AUDJPY will find support on the upward trend line (Green) around the level of 87.941 - 88.30 before going up. However, if this level has broken, then the last support level will look at the former resistance level of 87.488.
From the Long-term persepctive, the Reserve Bank of Australia (RBA) will turn hawkish and raise I.R twice next year (Early Feb 18 with 60%), while Japan seems to remain dovish as Abe called the early election and this may continue its ultra-loose monetary policy if he wins. So the price will able to test the higher resistance level of 96.431 - 97.301.
Comment:
Comment:
AUDJPY failed to find support on my first support zone of 87.941 - 88.30 and now it hit my last support level of around 87.488 with forming the corrective wave c. If the price can stand steady on this level on the coming few days then I expect it will develop its impulse wave (v) to at least the upper resistance zone of 89.305 - 90.114 or further higher target of 92.693
Trade active:
Buy in at 87.488 active. AUDJPY found support on around of my last support level with the completion of its corrective Wave c. It is now going up towards to my first target of 89.305 - 90.114