AUD/JPY Long Bounce Incoming
Updated
Good evening,
AUD has been performing strong and I think we will continue to see that against JPY. On the 4H chart AUD continuously is pushing and holding proper S/R levels.
We have a tight Dorito squeeze incoming with good momentum. On the daily chart we see that the Tenkan line has crossed the Kijun line as well as the lagging strand
showing an upwards trend. There has been heavy previous resistance at the 76.4 range. However, I think it'll be passed this time. We will likely see farther heavy
resistance at the top of the cloud.
Thanks for reading, leave a comment with your opinion or a like if you join the trade.
AUD has been performing strong and I think we will continue to see that against JPY. On the 4H chart AUD continuously is pushing and holding proper S/R levels.
We have a tight Dorito squeeze incoming with good momentum. On the daily chart we see that the Tenkan line has crossed the Kijun line as well as the lagging strand
showing an upwards trend. There has been heavy previous resistance at the 76.4 range. However, I think it'll be passed this time. We will likely see farther heavy
resistance at the top of the cloud.
Thanks for reading, leave a comment with your opinion or a like if you join the trade.
Note
Trade still active. Held support on 4H in the mean time.Note
I was mistaken that we had enough momentum to stay in the top of the trading range to break the upper head resistance. However, the more times a resistance is tested the more likely we will break it.We need this to play out to continue with the trade. If we break down past this 4H support we will likely see lower levels tested.
Note
Going to go ahead and close this trade, we are still ranging in an area of support and resistance but we have broken local trend for the time. I believe there's better trades out there right now. Hope to post a better chart soon.Trade closed manually
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