🔸 4H CHART EXPLANATION:
🔸 Price is on an Uptrend.
🔸 It has broken the Confluence Zone between the Descending Trendline and the Resistance Zone.
🔸 We consider it has potential to reach the Resistance Zone.
🔸 Will look for a lower timeframe bullish setup.
🔸DAILY CHART ANALYSIS:
price is moving in an upward channel and is approaching the resistance trendline. ABCD pattern was identified. Once reversal candlestick is formed, D will be our entry point which is 70.875 and possible exit is 69.533.
Here is my view on AUDJPY.
After yesterday's candle close price formed a bullish engulfing near resistance which is not a good
sign to sell. This simply mean that buyers still dominate and it is risky to sell BUEB with momentum.
I will be monitoring this pair closely as i'm looking for resistance breakout or momentum loss if
i want to sell.
After finding a bottom at around 68.50, AudJpy has recovered strongly and is trading now just in 70 resistance.
I expect this resistance to give up and the pair to continue its ascent to the next resistance at 72.
Price Level for AUDJPY is currently at a crucial level near its strong resistance level @70.10. Will AUDJPY break its resistance??? I doubt so for now and in fact I see it possibly retracing back to 67.80. We could also see AUDJPY filling its lower opening gap in the daily timeframe and what I expect AUDJPY to do now is a solid bearish movement down. Using the...