AUDJPY retrace then bullish
Weekly: swing started on 22/01/2018 loosing steam. Higher low formed. Last week got rejected forming a bullish hammer off important level that acted as support tested multiple times.
Daily: last 3 days of last week were bullish, going all the way to fib cluster formed of the 50% level from last high and 23.6% from 22/01 swing. That's good momentum but needs to retrace to pick up its breath
4H: pierced through the 200 MA and currently sitting on top of it. Slight RSI divergence between 10/05 21h and 11/05 17h and the RSI is high, indicating it needs to retrace a bit if it's going to carry on.
I see it retracing to 82.2 level (fib level 38.2%) and go retest previous high (83.5/84.0, also 78.6% fib level), which would then form a potential inverted H&S to look at in the future
Daily: last 3 days of last week were bullish, going all the way to fib cluster formed of the 50% level from last high and 23.6% from 22/01 swing. That's good momentum but needs to retrace to pick up its breath
4H: pierced through the 200 MA and currently sitting on top of it. Slight RSI divergence between 10/05 21h and 11/05 17h and the RSI is high, indicating it needs to retrace a bit if it's going to carry on.
I see it retracing to 82.2 level (fib level 38.2%) and go retest previous high (83.5/84.0, also 78.6% fib level), which would then form a potential inverted H&S to look at in the future
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