AUDJPY (S) Potential Future Trade Idea
AUDJPY has pulled back to where we started off the year, rejecting 76.00 as resistance once again.
The weekly PA shows us at the break above the 50 ema, and we've currently pulled back to it, and finding support at the ema.
On the daily PA is finding resistance at 74.40 which is a strong Support/ Resistance area, and yesterday we formed a nice daily hammer candle.
If PA presents an entry which fits my strategies, then I'll be using the HTF to manage my trade, if I get into it.
On the LTF, PA is still fairly messy, but we're trading below the previous high of 75.00
WE can possibly see price pull back up into that region, reject it and then fall.
I'll be paying attention to the trendline on the 1 hr chart to see if we can get a strong break and retest of those levels.
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
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The weekly PA shows us at the break above the 50 ema, and we've currently pulled back to it, and finding support at the ema.
On the daily PA is finding resistance at 74.40 which is a strong Support/ Resistance area, and yesterday we formed a nice daily hammer candle.
If PA presents an entry which fits my strategies, then I'll be using the HTF to manage my trade, if I get into it.
On the LTF, PA is still fairly messy, but we're trading below the previous high of 75.00
WE can possibly see price pull back up into that region, reject it and then fall.
I'll be paying attention to the trendline on the 1 hr chart to see if we can get a strong break and retest of those levels.
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
Comment:
Comment:
Price pulled back perfectly to highlighted zone above at 75.00 (previous highs)
We have also broken the trendline on the 1 hr chart and I'm looking for price to pullback to 74.800 + .382 fib in order to take this pair short.
We have also broken the trendline on the 1 hr chart and I'm looking for price to pullback to 74.800 + .382 fib in order to take this pair short.