Forex Trading Library

AUDJPY – February Marabuzo level holds the key

There is no clear indication that the rally has come to an end. Bespoke resistance is located at 85.00, closer to the February Marabuzo.

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Monthly: Holding within an Expanding Wedge formation than has a bias to eventual break to the upside. The Ichimoku Cloud stalled rallies on three occasions in 2017. Strong selling pressure in February has left a Marabuzo level at 85.36 (half the nett losses from 87.94 to 82.78)

AUDJPY - February Marabuzo level holds the key 1

Weekly:  Holding within a bearish channel formation. We have seen a reaction higher from the 161.8% extension level of 80.67 (from 90.28-84.34). Posted a sequence of three positive weekly performances. There is no clear indication that the rally has come to an end. Bespoke resistance is located at 85.00, closer to the February Marabuzo. Bespoke support is at 77.35, close to the base of the trend channel (currently 77.75)

It should be noted that 85.00 area has been pivotal since the start o 2016.

AUDJPY - February Marabuzo level holds the key 2

Daily: Although a shorter timeframe (4 hours) has highlighted an Evening Doji Star from the high, there is no clear indication that the correction higher has come to an end. With support seen at 82.82, losses could be limited. RSI (relative strength index) is trending higher.  We look to sell into rallies

AUDJPY - February Marabuzo level holds the key 3

 

 

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