Dear AUDJPY, you're on a wrong path... Sincerely, George
While US elections are transforming in a thriller that reaches its final word, we're looking at AUDJPY is being cheeky where it is.
First of all, price recently broke a long-term falling wedge and after that it managed to hit the 75.xx level and since then we notice that buyers and sellers have slowed down the tempo, hence the moves are more clean.
At this point, I'd like to mention that price went aggressively to the upside after AUD saw massive support from buyers after fundamental factors played in. During this time, JPY was being sold against almost every currency, so we didn't see any odd movements.
But now, AUD is moving in an overbought environment, where it's most likely that investors don't like to be. At the same time, JPY starts attracting again short-term buyers, who are willing to put their money somewhere safe till the elections drama is over.
All these situations, are presented in charts with a rising wedge which most of the times ends being a bearish movement that is sorta seen on the horizon.
You might want to start entering on the Bearish side now. Personally, I'd like to see the pattern completing before I put some chips in.
Hope you like my idea! Have fun and trade safe during these days! :)
First of all, price recently broke a long-term falling wedge and after that it managed to hit the 75.xx level and since then we notice that buyers and sellers have slowed down the tempo, hence the moves are more clean.
At this point, I'd like to mention that price went aggressively to the upside after AUD saw massive support from buyers after fundamental factors played in. During this time, JPY was being sold against almost every currency, so we didn't see any odd movements.
But now, AUD is moving in an overbought environment, where it's most likely that investors don't like to be. At the same time, JPY starts attracting again short-term buyers, who are willing to put their money somewhere safe till the elections drama is over.
All these situations, are presented in charts with a rising wedge which most of the times ends being a bearish movement that is sorta seen on the horizon.
You might want to start entering on the Bearish side now. Personally, I'd like to see the pattern completing before I put some chips in.
Hope you like my idea! Have fun and trade safe during these days! :)
Comment:
Some psychology notes that are noticed on the Daily chart of this week so far
