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Hi Traders! AUDJPY forecast and technical analysis is here. The way I would like to analyze the chart for setups is based on multi-timeframe confirmations because in my POV if we get more evidences on different timeframes for the same direction then it makes the setup much more reliable. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available! This analysis will be based on price action trading (if you want to learn about price action trading, you can watch this video here).
AUDJPY D1(Daily) Chart Analysis – Key Resistance Zone, Bearish Divergence,Volumes Indicator
On the daily chart, we have a key resistance zone that has formed based on the 161.8% fibonacci expansion level of the small wave at 77.180 and the 100% fibonacci expansion level of the big wave at 77.912. The price which was moving higher reached this key resistance zone, respected it, and is currently moving lower. In addition to this, the price has created a double top with the bearish divergence that has formed between the first high that has formed on 7th June 2020 and the second high that has formed on 22nd July 2020 based on the histogram and moving averages of the MACD indicator. Also, the volumes are dropping based on the Volumes Indicator. We may consider these as evidences of bearish pressure. We may now move down to lower timeframe and see if we can find evidences supporting this bearish view.
AUDJPY H4(4 Hours) Chart Analysis – Uptrend Line Breakout, CCI Indicator
On the H4 chart, we had a first leg down and then the price which was moving inside a consolidation has currently broken below it. In addition to this, we have a good uptrend line that has formed and the price which was respecting this dynamic support so far and has currently broken below it. We may consider these as evidences of bearish pressure. Also, we have an uptrend line breakout based on the CCI indicator as well, which we may consider as yet another evidence of bearish pressure. So based on all this, my view is bearish here and I expect the price to continue lower further.
AUDJPY D1(Daily) Chart Analysis
- Key Resistance Zone, Bearish Divergence,Volumes Indicator
AUDJPY H4(4 Hours) Chart Analysis
- Uptrend Line Breakout, CCI Indicator
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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Chief Trader at the Traders Academy Club