AUDJPY approaching first resistance, potential drop!
AUDJPY is approaching our first resistance at 82.59 (horizontal swing high resistance, 61.8% Fibonacci retracement) and a strong reaction could occur at this level pushing price down to our major support at 81.94 (horizontal overlap support, 38.2% Fibonacci retracement). A breakout below our short term ascending support line might provide the bearish acceleration to our major support level.
Stochastic (89,5,3) is also approaching our major resistance along with a bearish divergence being seen. It is also testing our short term support line and a bearish exit might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (89,5,3) is also approaching our major resistance along with a bearish divergence being seen. It is also testing our short term support line and a bearish exit might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade closed: target reached:
Dropped so perfectly to our support level! Did you manage to get on this trade?
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results