Forex Trading Library

AUDJPY – Corrective formation to the downside

0 278

Monthly: Holding within an Expanding Wedge formation than has a bias to eventual break to the upside. Bespoke resistance is seen at 85.15

Weekly:  Holding within a bearish corrective channel formation after completing a bullish 5-wave count (Elliott Wave). Levels close to the 61.8% pullback of 79.27 (from 72.45-90.30) have found buyers. Trend line resistance is located at 83.75, support at 7605, close to the 78.6% pullback level of 76.28

Daily: The cross overextended to the 423.6% level of 83.66, common in commodity-based crosses. We are now deemed to be with the corrective leg lower.

Intraday (8-hours) – Looks to be forming a bearish Head and Shoulder pattern. This could also be seen as an AB=CD corrective sequence. There is cope for mild buying at the open, but gains should be limited. Bespoke resistance is seen close to 81.90

Leave A Reply

Your email address will not be published.