This is one of the most controversial pairs in the market in terms of the BTMM. I am saying this because it never even moved a level for us to get a reversal entry. if look from Monday, it has been resetting since then. We are only looking at getting a return move to the last week's low for us to go long
On this week's CADJPY we had to trend resets based on the Market maker method modified by us. From the first reset we have had our peak formation high which gave us 2 levels of drop. the third level failed as the price failed to break the low of previous day
On lower time frames it might look like this pair is going up, but in actual fact we are still in a down trend on higher time frame. after a long considered rise in momentum which saw AUD gaining strength over the giant dollar, we are very much likely to see AUD losing strength as Dollar has found some support and preparing to go long
As I have published before that JP225 will be moving up in the next coming weeks, it has broken resistance and it is currently playing around the consolidation area highlighted in red as a zone. I am expecting it to drop to support before it can shoot up. Similarly, if it breaks support, `I am looking for a retest before I can take it down as a sell.
As dollar approaches resistance, what does it mean for dollar based pairs?
well, Dollar based pairs are gonna drop as the dollar drops. Right it is at its all time high this year, so we are looking for a sustained drop. possible till next year. What happens to pairs where dollar is not a base pair? Well, as shown on the chart AUD is like to pounce from the...
After finding support which it failed to break in 3 tests, the pair is starting to show signs of reversal. While dollar is about to start losing stregnth, we will then start to look out to buy this pair after the highlighted consolidation zone
Based on previous price action movement, I can drew points of consolidation and now it looks like JP225 will be in consolidation mode before reaching resistance. A possible move long if it doesn't break the minor support.
The dollar has opened this week with a bit of strength that is why we see gold going down. I am waiting for price to retest the zone before it heads down to support where it will form a peak and preparing to take off from there to a possible 250 pips move up.
As the price is approaching the minor resistance, I am looking for price to reject and drop back to R163,46 for buying opportunities. it is possible for price to breakout on the first approach. if it does breakout the analysis is still valid based on retest.