TradingView
MEX_Exchange
Jan 11, 2018 2:06 AM

AUDJPY dropping perfectly as expected, remain bearish looking  Short

Australian Dollar/Japanese YenFXCM

Description

Sell below 87.89. Stop loss at 88.47. Take profit at 86.69.
Reason for the trading strategy (technically):
Price has continued to drop strongly as expected after breaking our major ascending support line. We remain bearish looking to sell below 87.89 resistance (Fibonacci retracement, horizontal overlap resistance, Elliott wave structure) for a further drop to at least 86.69 support (Fibonacci retracement, Fibonacci extension, horizontal support).
RSI (34) remains in a descending channel and is approaching pullback resistance.
Comments
singfoo
don't agree with this statement. macd tells to hold unti 88.3.
singfoo
nice
More