Will AUDJPY be oversold?
I start off identifying AUDJPY is on a prolonged uptrend both on the weekly and daily and has reached an equilibrium state. From this equilibrium state I have identified two possible scenarios, this is scenario one.
I expect price action to come back to the low, one last time and start forming a series of higher highs and higher lows until it reaches the significant turning point. The RSI has not yet established this pair as oversold only overbought. I'm curious to see if the next overbought confirmation is an early sign that this pair has reached the climax and is overbought. We'll see how price reacts to the PRZ.
I expect price action to come back to the low, one last time and start forming a series of higher highs and higher lows until it reaches the significant turning point. The RSI has not yet established this pair as oversold only overbought. I'm curious to see if the next overbought confirmation is an early sign that this pair has reached the climax and is overbought. We'll see how price reacts to the PRZ.
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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.