Momemtum shifting in AUDJPY - Buying dips
AUDJPY, AUDJPY, AUDJPY, AUDJPYAUDJPY is potentially setting up for a corrective move higher over the short to medium term.
Weekly: The price has fallen to a significant 61.8% Fibonacci support level. This has held on several occasions dating back to 2009, below here there have been a few reaction lows towards 71.94. There are some early indications that this level is once again going to attract buying interest.
Daily: The price has broken up from a wedge pattern, having held support at a 61.8% Fibonacci level at 74.45. The hammer candle posted on the 18th of June 2019 was the first sign of a shift in sentiment.
4H: The price has broken higher from a triangle pattern to complete a small bottom pattern. Price could extend to 75.40 in the short term. Over the medium term, we think a larger correction towards 77.30 could be seen.
Trade idea
Buy AUDJPY on a retest of 74.75-74.80.
Stop loss at 74.35
Target 77.30
Good Luck!
Live Youtube - youtube.com/@SignalCentre/streams
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.