This is a quick update on the Short Position we had on AUDJPY.
Price took long to break out of the trading range below the Momentum low of 73.79. We finally had this break this morning.
In order for further decline to be seen in the AUDJPY, price must remain below the momentum low and break 73.42 Low.
Alternatively a break back above the 73.79 will trigger a...
Major Trend still down, and we have seen participation at 50% retracement of the recent down-move.
Price has been trading in range since the 50% was traded.
Weakness in Yen yesterday has given this setup a nice boost.
We are short below 74.20
Stop Loss @ 74.50
Take profit @ 72.30
Below 109.90 we are short the UJ.
We have a clear Series of LL's on the intraday TF from end of last week.
What we have witnessed so far this week is only a retracement as long as price stays below 110.02.
The Stop Loss is 110.04
T3: 108.74 Extended Target
Price has completed the DownCycle after a Violation of the Downtrend on Tuesday.
We are Long the AUDUSD from 0.6706 using PA as confirmation, other key tools agreed with PA too.
Low Risk SL: 0.6698
A break above 0.67777 will confirm a new trend and we should buy the dips only.
Manipulation phase is now over after a lenghty distribution phase.
Price has broken the high 1.30129 which has plenty of orders just above it.
Additionally, we have previously seen Two completed Structural failures to the downside before the price was manipulated back above the highs
in order to trigger the weak sellers stop loss.
This trade is now a High...