Buy Opportunity on AUJPY
Looking at AudJpy, we could have a potential buy opportunity. Zooming out to the large timeframes, we could identify both non-horizontal support & resistance levels relative to market structure. We could see that price is currently sitting at the non-horizontal support level, which adds to the bullish bias.
Scoping down to the lower timeframes, price has just retraced down to a significant support level and rejected with a bullish candle closure. This is showing me that there is some buying sensitivity at this area, and it's possible that we could wipe out the previous swing highs with a bullish impulse. If the trend continues upwards, we will most likely see this play out.
Scoping down to the lower timeframes, price has just retraced down to a significant support level and rejected with a bullish candle closure. This is showing me that there is some buying sensitivity at this area, and it's possible that we could wipe out the previous swing highs with a bullish impulse. If the trend continues upwards, we will most likely see this play out.
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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.