The Aussie Dollar has been rallying against the Yen over the past 2 months. It reached a certain resistance point and has been in a 4H range. It came back down to support again. After a bullish move up verified by 2 bullish 4H candles on support, 2 more 4H candles came back down to retest support. The current 4H has been bullish and broken the high of the last 4H candle. This move could potentially go back up to resistance now.
Economic Data for Australia has been making slow progress this week with results coming out better than the previous results. Many of the world's countries have been showing signs that maybe the negative impacts of the pandemic werent as bad as we were led to believe. Economists possibly had a foreast that was much more bearish than what actually may occur. The S&P 500 erased all the year's losses in record time. With the current rally across various markets, many have a bullish bias across the board. until a close of a bearish weekly or monthly candle closes on this pair, we are led to believe that this is ultimately bullish.
I have entered a long position on this pair after the break above the high of the last 4H candle at 75.05 with a take profit at 75.57 and a stop loss below the last 1H candle close at 74.91.
Economic Data for Australia has been making slow progress this week with results coming out better than the previous results. Many of the world's countries have been showing signs that maybe the negative impacts of the pandemic werent as bad as we were led to believe. Economists possibly had a foreast that was much more bearish than what actually may occur. The S&P 500 erased all the year's losses in record time. With the current rally across various markets, many have a bullish bias across the board. until a close of a bearish weekly or monthly candle closes on this pair, we are led to believe that this is ultimately bullish.
I have entered a long position on this pair after the break above the high of the last 4H candle at 75.05 with a take profit at 75.57 and a stop loss below the last 1H candle close at 74.91.