AUD/JPY - 200EMA + Support Bounce Confluence
Hello Traders!,
Hope we've had a good start to the week! On to our mid-week analysis I've come across some AUD strength on 4H & D1 timeframe, so I've been searching for a set-up on the 1H timeframe and see confluence on the AUDJPY pair
What Is The Market Telling Us?
Hope we've had a good start to the week! On to our mid-week analysis I've come across some AUD strength on 4H & D1 timeframe, so I've been searching for a set-up on the 1H timeframe and see confluence on the AUDJPY pair
What Is The Market Telling Us?
- Market is showing bullish sentiment after 2nd rejection off 74.50 support level
- 50SMA shows bullish correction phase could be ending as it is sloping downwards (bullish signal)
- Price has repsected 200EMA as it has aligned with 74.50 support and shown strong rejection to the upside
- D1 Timeframe shows a clear break & retest of this 74.50 support, indicating further bullish momentum
- I'm anticipating some consolidation as the AUD is weak on smaller timeframes such as 1H & lower
- Waiting on a potential double bottom to form or a breakout of my consolidation area before looking for BUYS
- Look for BUYS once there is a confirmed double bottom or confirmation of a breakout of the consoldiation area