Sell AUDJPY
Upon evaluating the AUDJPY daily chart, several key observations bolster the confidence in a potential trading strategy:
Daily Chart Rejection: A prominent rejection is evident on the daily chart, signaling possible shifts in market sentiment.
Highs Swept: A closer examination reveals the highs have been swept. This, in trading terms, can often signify a false breakout or potential trend reversal.
Relative Equal Highs: Adhering to the principles of tracking smart money moves, it's clear that relative equal highs have been targeted and taken, adding another layer of complexity to the market dynamics.
JPY Basket Index Alignment: A separate analysis of the JPY Basket Index affirms the observations made on the AUDJPY. This alignment further strengthens the conviction of the trade strategy.
Detailed 15-minute Chart Analysis: Zooming into the granular 15-minute chart, a sell-off is noticeable, which retracted to the previous New York highs at 95.981. Based on current patterns, there's an anticipation of a pullback towards the 96.500 mark. This level not only coincides with a psychological trading point but also aligns with previous Asian highs, adding to the trade's confluence.
Weekly Timeframe Insights: Casting an eye on longer-term trends, the weekly chart indicates a significant rejection the last time the pair approached this region. Historical reactions at these levels provide a valuable context for future price movements.
Trade Direction: Given the aforementioned observations, there's a bearish inclination towards AUDJPY for the upcoming week. This short position will be maintained until the basket index approaches a resistance level.
Daily Chart Rejection: A prominent rejection is evident on the daily chart, signaling possible shifts in market sentiment.
Highs Swept: A closer examination reveals the highs have been swept. This, in trading terms, can often signify a false breakout or potential trend reversal.
Relative Equal Highs: Adhering to the principles of tracking smart money moves, it's clear that relative equal highs have been targeted and taken, adding another layer of complexity to the market dynamics.
JPY Basket Index Alignment: A separate analysis of the JPY Basket Index affirms the observations made on the AUDJPY. This alignment further strengthens the conviction of the trade strategy.
Detailed 15-minute Chart Analysis: Zooming into the granular 15-minute chart, a sell-off is noticeable, which retracted to the previous New York highs at 95.981. Based on current patterns, there's an anticipation of a pullback towards the 96.500 mark. This level not only coincides with a psychological trading point but also aligns with previous Asian highs, adding to the trade's confluence.
Weekly Timeframe Insights: Casting an eye on longer-term trends, the weekly chart indicates a significant rejection the last time the pair approached this region. Historical reactions at these levels provide a valuable context for future price movements.
Trade Direction: Given the aforementioned observations, there's a bearish inclination towards AUDJPY for the upcoming week. This short position will be maintained until the basket index approaches a resistance level.
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