From this markup we can see AUDJPY now at an important level on the monthly timeframe. For now I'll be keeping an eye out for short opportunities while being prepared to see a breakout to the upside and reacting accordingly.
Looking at the weekly chart price is trading near a key resistance trendline and horizontal resistance area. We could see a drop to the next key support areas. Try to look for a clear momentum shift and break of structure before selling.
The rally to $2300 is becoming more clear with price having closed above its all time highs. We're likely to see even more aggressive movements to the upside. Pullback trading might not be effective in this market, I'll be looking to scale in on the next breakout on lower timeframes.
Price is heavily bullish on this pair so I'll only be looking for buy opportunities until structure is broken. I've indentified a low risk buy area that will only be valid if we see a decline from the -0.618 extension.
In my previous analysis on DXY we were trading within the flag pattern which broke out and reached our target level. Now we are seeing price having broken further low. The trend is over extended and we should see at least a pullback to 94.50 at some point if not a full on recovery. No pattern is present to predict a reversal. There is much space to the downside.
We can see a trendline on 4hr timeframe that has been tested multiple times. I'm expecting a possible break of this trendline and a drop to 1.16830. Go onto your weekly chart and you'll see a bearish pinbar that gives much needed confluence.
I posted a monthly H & S pattern this weekend and this is the best entry idea I can see that complements that analysis. Structure restest plus 0.382 fib zone rejection. Very tight stop protected by structure so we know when pattern fails and ultimately setup fails.
We can see a very strong structure trendline that is holding price in a bearish trend. Price is back at this structure and is forming a double top. If we get good entry criteria on lower timeframes price could at least reach 0.61480 and at most reach 0.51880 if our pattern is right.
Price has broken a rising wedge pattern from the bullish correction move and we could see it melt down to 21.1000's if the pattern doesnt fail. In addition we have a head and shoulders formation that could give a good entry to the bearish move.
We got an impulse breaking previous structure highs and a pullback to a very good value area with support trendline as confluence. If we close with a long wick rejection it would be a good place to buy with a relatively tight stop. Targets will be -0.272 and -0.618 while closely monitoring price action.
Price is trading within a wide horizontal channel with strong reactions on either side. The current trend is down and we are in an accumulation/consolidation range which looking at the preceding trend might continue down. If we get good PA at the highs of the small range and the stoch peeking out into oversold area we could look for a low risk short opportunity .
Gold is testing channel highs for a second time forming a double top pattern. This will likely send price down to 1670's where it could either find support or break lower. The stochastic on the weekly is in seller territory as it is on the daily timeframe. We also have stochastic divergence which is nice secondary confluence. I'd like to see a better rejection...