AUDJPY Long idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: This pair has been extremely bullish on all major timeframes. Currently price action is very overextended and is right near our weekly resistance near 83.250. We still have yet to see any signs of bearishness but even with a large pullback we will remain bullish as long as price action is above 82.250. This is the most relevant level of support even though it is minor.
Ideally we want to see a pullback to this level followed by a strong reversal that we can then enter long on. Look to target higher toward key resistance.
Trade scenario 2: For us to consider AJ bearish we need to see a swift break of 82.250 with a lower high or retest below. This would technically be a counter trend trade according to the 4hour and higher but the large volume could present some shorter term low timeframe trades. Look to target lower toward key levels of support after we can confirm a lower high below the 82.250 level.
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: This pair has been extremely bullish on all major timeframes. Currently price action is very overextended and is right near our weekly resistance near 83.250. We still have yet to see any signs of bearishness but even with a large pullback we will remain bullish as long as price action is above 82.250. This is the most relevant level of support even though it is minor.
Ideally we want to see a pullback to this level followed by a strong reversal that we can then enter long on. Look to target higher toward key resistance.
Trade scenario 2: For us to consider AJ bearish we need to see a swift break of 82.250 with a lower high or retest below. This would technically be a counter trend trade according to the 4hour and higher but the large volume could present some shorter term low timeframe trades. Look to target lower toward key levels of support after we can confirm a lower high below the 82.250 level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.