AUDJPY BEARISH
Fandementally the AUD is bearish due to the rising risk off sentiment caused by the Covid Delta Variant. Australia has also seen a spike in Covid cases recently and has also extended their lockdowns in a few major cities
On the technical side of things we can see that AUDJPY has retraced to the top channel of the trendline. we can also see the tree moving averages which are the 200 m a 100 m a and 50 m a all Iined up together. We can also see that AUDJPY has been overbought on the RSI. However price could still retrace to touch the trendline above before dropping down. We may see this delay in drop until the fed meeting tomorrow. The risk to reward on this trade especially if it hits the trend line above is very promising. However only enter with confirmation.
On the technical side of things we can see that AUDJPY has retraced to the top channel of the trendline. we can also see the tree moving averages which are the 200 m a 100 m a and 50 m a all Iined up together. We can also see that AUDJPY has been overbought on the RSI. However price could still retrace to touch the trendline above before dropping down. We may see this delay in drop until the fed meeting tomorrow. The risk to reward on this trade especially if it hits the trend line above is very promising. However only enter with confirmation.
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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.