Reasons for Bearish outlook
Daily RSI (7 day) at 44.1
Possible H&S forming
Symmetrical triangle formation
Bearish daily candle on Friday 17th
Close on Friday 17th was below both 10D EMA and 21D EMA
Break of lower trend line and price support zone of 1.2980 - 1.2960 could lead to stronger bearish moves. Triangle target (if lower trend line broken) is 1.26 area.
Now that AUDJPY has reached my target (from last Friday - see previous chart) of 76.1 I'm looking for a neckline break of a possible reverse H&S on on the weekly chart. There's also a smaller possible H&S forming on the H4 chart that coincides.
A WEEKLY close above the neckline and the EMA 50 week line will show more bullish potential in this pair.
A lot going on on the D1 chart at the 1.0500 level
Price at round number 1.0500
Break and retest of major trend line (see monthly and weekly chart)
50D EMA nearby
Daily (classic) pivot nearby
Daily MACD is Bullish
Double top on weekly chart
Monthly and weekly chart show break down and retest of lower line bearish ascending triangle. Needs retest and...
GBP JPY on Daily is breaking out of a triangle pattern. A reasonable short / medium term target might be around 143 (Triangle Thrust calculated on size of wide end of triangle added to narrow end break out point). support lies at 21 D EMA at 139.7 or Daily Pivot (classic) at 137.3
RSI is currently bullish at 62,98
MACD is slightly bearish and below neutral area
EURNOK on D1 has broken down below and retested 21D EMA (shown on chart). It's also below (having retested) significant area of SR going back to early August. A break below 10.02 area could take us to 9.9 and 9.8. Resistance levels at 10.07. Daily RSI and MACD are pointing down.
S&P E Mini has broken lower trend line dating back to January. Currently retesting. Watch out below. Could get suspended around here while traders await NFP data tomorrow. Next major resistance is 2820 to 2810 area.
AUDUSD is hovering around 0.5 Fib retracement of decline from leg down that started on 18 July and ended on 7 August. A break up or down from the triangle are both possibilities. A wait to see where the daily close is today might provide more clues as to possible future direction. Critical round number area of 6900 could see a short term sell off and pullback. ...
A look back shows that EURNZD is usually very compliant with 10D EMA. One to watch next week. Marty Schwwartz followers will know the significance of 10D EMA being a possible indicator of trend. A good time to consider entering a LONG position on this pair might be when the price breaks above 10D EMA