Another candy for the weekly chart trader?
AUDJPY looks attractive on the weekly chart because of the following reasons
1. Made 3 higher lows at 72.90, 76.80 and 81.20
2. broke above the weekly resistance capped at 84.50
As usual there will be traders who will want to short at 85 claiming that it is top of the range etc etc. All that is fine as long as it fits into your strategy.
However, RT thinks that the tell tale signs points to AUDJPY strength moving forward.
1. Made 3 higher lows at 72.90, 76.80 and 81.20
2. broke above the weekly resistance capped at 84.50
As usual there will be traders who will want to short at 85 claiming that it is top of the range etc etc. All that is fine as long as it fits into your strategy.
However, RT thinks that the tell tale signs points to AUDJPY strength moving forward.
Comment:
AUDJPY broke above the 0.8510 area signifying greater upside ahead. Weekly chart traders are likely to wait till the new bar on the weekly chart is formed to initiate any more long trades.
Comment:
AUDJPY made a new high at 85.60. Analysis is moving as planned
Comment:
AUDJPY at 86.80 looking for more bullish momentum ahead. will review again at 87.20 and 88.20 .
Comment:
Even with better trade balance, price of AUDJPY has failed to surge upwards as expected and continues to be consolidated.
Thus decided to err on the side of caution and trail the position to breakevem for now.
Thus decided to err on the side of caution and trail the position to breakevem for now.
Comment:
Upward momentum is maintained on the AUDJPY as it attempts to retest 86.80. More upside to be expected if it can break above 87
Comment:
Price hit 87.20 before retracing. However there are no signs on the weekly chart that shows that the bullish course has changed at the moment.
Also as I am typing, the AUDUSD has broken up
Thus will continue to hold with 88.20 as the next target for now.
Also as I am typing, the AUDUSD has broken up
Thus will continue to hold with 88.20 as the next target for now.
Comment:
price hit a high at 87.935. Decided to Close it manually at 87.86
Trade closed manually