Multiple reasons to sell
1. rejection from previous resistance line
2. double top with RSI Divergence
3. rising wedge break down
4. head n shoulder pattern breakdown from neckline
on 30 mins it is showing some strength might come back to re-test 79.9-80 zone for retesting the Break down, use that opportunity to sell for a better risk to reward. please check the...
AUDJPY Analyze- 9 PM (TH)- 01/06/2021
We are in the wave of the second set of non-standard small x of wave x3
OR Wave A of x3
Which the price is forming last wave v of wave A
and in a deeper degree, it is wave (iv) of wave v
Where are we?
x3 - A - v - (iv)
Plan to trade for tomorrow
1. Wait for wave iv to retrace at red resistance horizontal line at 38.2% or...
The counter AUDJPY is in the flat-top resistance line from 11th December. Yesterday the counter has broken out the resistance line and it is expected to move even more upwards. Therefore long is more suitable for this counter and the bullish trend is expected to start soon. The upward movement of the MACD curves gives additional support to the description.
As per weekly trend line, it is in rising wedgr and as per Elliot theory, it is at its 5 th point of impulse and now is ready for correction
CMP - 78.768
SL - 81.851
Target -
T1 - 72.810
T2 - 70.786
T3 - 64.308
Trading suggestion:
". There is still a possibility of temporary retracement to suggested resistance line (78.11).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. AUDJPY is in a range bound and the beginning of downtrend is expected.
. The price is above the 21-Day WEMA which acts as a...
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FLAG pattern Definition:
A FLAG pattern is a continuation chart pattern, named due to its similarity to a flag on a flagpole.
A flag is a relatively rapid chart formation that appears as a small channel after a steep trend, which develops in the opposite direction.
After an uptrend, it has a downward slope. After...
Price is forming a rising wedge pattern and highly suggestive of sell trend soon.
Remember trading is a game of probabilities, we dont know when will the pair commit to itself, but we know it will eventually happen.
Thanks to all those who have followed me and liked my post.
Especial thanks to all those who DM me and commented on my analysis wanting to know more...
Price at the supply zone forms a falling wedge pattern and it breaks up to reach the supply zone once again.
This time it is expected to break this level to reach the key level and if closes above then price will move further to target levels.
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