Fundamental Weakness, Trendline Break and Support Break for AUD
Fundamental:
AUD currently holding rate at 1.5%,
RBA is quite dovish
No strong data from AUD economics recently
JPY, on the other, hand have strong funding currency effect and safe heaven effect
Decent economic data from JPY has been positive.
Technical:
AUDJPY broke strong trendline on both weekly and daily chart
AUDJPY also broke down support level
The price action shows that it is still a bear market. With bearish engulfing candle followed by small bullish inside bars
Note:
Manage trade till hit TP1, if it does beyond TP1 to TP2 reward is very good.
AUD currently holding rate at 1.5%,
RBA is quite dovish
No strong data from AUD economics recently
JPY, on the other, hand have strong funding currency effect and safe heaven effect
Decent economic data from JPY has been positive.
Technical:
AUDJPY broke strong trendline on both weekly and daily chart
AUDJPY also broke down support level
The price action shows that it is still a bear market. With bearish engulfing candle followed by small bullish inside bars
Note:
Manage trade till hit TP1, if it does beyond TP1 to TP2 reward is very good.
Trade closed: stop reached:
This trade has HIT SL