AUDJPY Approaching the long-term Sell Zone
The AUDJPY pair gave us an excellent short-term sell signal last time (May 23, see chart below) but after that broke above the medium-term Channel Up aggressively:
We now need to zoom out to the longer term 1W time-frame, where we clearly see the dominant pattern of the pair, which has been a Channel Up since the March 16 2020 (COVID) market bottom. Each Higher High was formed when the 1W RSI started forming a Bearish Divergence on Lower Highs. The 1st Bullish Leg was priced after a +32.90% rise, while the 2nd one at +26.70%.
As a result, with the 1W RSI overbought above 70.00 for the 2nd time in 6 weeks, we believe that the pair is approaching its long-term Sell Zone on the Higher Highs region. Its Higher Lows have been priced near or on the 1W MA100 (green trend-line), so we will take this sell opportunity to target 101.000 (expected contact and breach of the 1W MA50 (blue trend-line)).
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
We now need to zoom out to the longer term 1W time-frame, where we clearly see the dominant pattern of the pair, which has been a Channel Up since the March 16 2020 (COVID) market bottom. Each Higher High was formed when the 1W RSI started forming a Bearish Divergence on Lower Highs. The 1st Bullish Leg was priced after a +32.90% rise, while the 2nd one at +26.70%.
As a result, with the 1W RSI overbought above 70.00 for the 2nd time in 6 weeks, we believe that the pair is approaching its long-term Sell Zone on the Higher Highs region. Its Higher Lows have been priced near or on the 1W MA100 (green trend-line), so we will take this sell opportunity to target 101.000 (expected contact and breach of the 1W MA50 (blue trend-line)).
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.