AUDJPY is testing our first resistance at 81.86 (horizontal overlap resistance, 100% Fibonacci extension, 38.2%, 61.8% Fibonacci retracement) which coincides with the long term descending resistance line. A strong reaction might occur at this level pushing price down to our major support at 80.95 (Horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement). A breakout of our intermediate support level at 81.39 (horizontal overlap support, 38.2% Fibonacci retracement, 100% Fibonacci extension) might provide the bearish acceleration to our major support level.
Stochastic (34,5,3) is also reacting off its major resistance at 96%, a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (34,5,3) is also reacting off its major resistance at 96%, a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade closed: target reached
Wooho target reached perfectly guys!! Did you manage to get in on this trade!
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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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.