End march we saw a sudden strenght on yuan but recovered back to previous resistance.
Now we are back very close to previous resistance and price is either bounce of or breakout but it seems that the bulls are back losing momentum and the resistance is likely to reject price lower to the previous support trend wich is at around 83.000 The RSI shows divergence and gets close to overbought territory
On the other hand If price decides to break the resistance line this means that there is a valid Head and shoulders pattern and price could go all the way up to 90.000 or even a new uptrend !
I will short the pair closer at previous resistance and even if it breaks our risk would be little this is why I would trade AUDJPY and possibly cutting or adding positions depending on the economic report releases
Now we are back very close to previous resistance and price is either bounce of or breakout but it seems that the bulls are back losing momentum and the resistance is likely to reject price lower to the previous support trend wich is at around 83.000 The RSI shows divergence and gets close to overbought territory
On the other hand If price decides to break the resistance line this means that there is a valid Head and shoulders pattern and price could go all the way up to 90.000 or even a new uptrend !
I will short the pair closer at previous resistance and even if it breaks our risk would be little this is why I would trade AUDJPY and possibly cutting or adding positions depending on the economic report releases
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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.
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.