UPDATE: within hours price reverses strongly, the bullish picture that was clear on chart is turning bearish as the day unfolds, the bullish engulfing candles are turning to bearish engulfing on the AUDJPY and a major Pin Bar on the AUDUSD. Having said that, * the bullish picture was negated for me. I will for confirmation to sell both. Unless price manages to break resistance again to confirm a good bullish rebound.
This is market, constantly changing :) Gl
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Earlier Analysis: AUD against USD and JPY is looking bullish, AUDJPY completed a retest to the 200-days SMA followed by a strong rebound and hammer candle breaking back above 93.00 resistance. We will probably retest the recent major pin bar
AUDUSD could be in the process of completing an inverse head and shoulders as price is approaching the 0.9085 key resistance and neckline for the patter, the latest test of this resistance was followed by the latest bearish leg, however price again rebounds strongly forming a bullish hammer at the 50-days SMA, a break above that resistance at 0.9085 with a daily closing may extend the upside even further, targets at 0.9275 and 0.9445.
This is market, constantly changing :) Gl
twitter.com/thefxchannel
www.thefxchannel.com
Earlier Analysis: AUD against USD and JPY is looking bullish, AUDJPY completed a retest to the 200-days SMA followed by a strong rebound and hammer candle breaking back above 93.00 resistance. We will probably retest the recent major pin bar
AUDUSD could be in the process of completing an inverse head and shoulders as price is approaching the 0.9085 key resistance and neckline for the patter, the latest test of this resistance was followed by the latest bearish leg, however price again rebounds strongly forming a bullish hammer at the 50-days SMA, a break above that resistance at 0.9085 with a daily closing may extend the upside even further, targets at 0.9275 and 0.9445.