AUDJPY 30min Analysis February 22nd, 2021
Price has broken above our key weekly and is starting to consolidate above it.
Trade Scenario 1: Bullish - For us to go long we want to see price retrace back to our key weekly level at 83.00. We can aggressively enter long on bullish setups off the weekly, or we can wait for price to break our descending trendline and retest 83.150. We will be targeting previous highs around 83.400
Trade Scenario 2: Bearish - For us to go short we want to see price break below our key weekly level of 83.0 with conviction. We will then wait for a retrace and for 83.00 to flip as resistance.
Trade Scenario 1: Bullish - For us to go long we want to see price retrace back to our key weekly level at 83.00. We can aggressively enter long on bullish setups off the weekly, or we can wait for price to break our descending trendline and retest 83.150. We will be targeting previous highs around 83.400
Trade Scenario 2: Bearish - For us to go short we want to see price break below our key weekly level of 83.0 with conviction. We will then wait for a retrace and for 83.00 to flip as resistance.
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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.