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Bias is still Up for AUDJPY

Received a few questions from students on this pair this week. Mostly the consensus seems to be looking for a long. Let’s see how we arrived at this conclusion.

AUDJPY Big Picture on Weekly Charts

Big Picture Look on AUDJPY Weekly Chart - 25 July 2014

Big Picture Look on AUDJPY Weekly Chart – 25 July 2014

  • There is a 1234 downflow pattern seem (This is also plotted by TX Auto Alert).
  • However note that price is now resisted at pt2 and has yet to do a WR. (Pattern still forming)
  • Fitting in an equidistant channel, there is still some 150 – 170pips before price hits the upper band of the channel.
  • Year on year, price is still up.

Looking at the D1 charts

D1 charts of AUDJPY - 25 July 2014

D1 charts of AUDJPY – 25 July 2014

  • Price was resisted this week and has started to retrace.
  • Overall price is still supported. by many months of highs and lows.

Week to week on the H4 charts

Week to Week view of H4 charts on AUDJPY - 25 July 2014

Week to Week view of H4 charts on AUDJPY – 25 July 2014

  • This week, we see price has tested a resistance of previous weeks high and is retracing down.
  • Look for a retracement in the form of a 1234 pattern for opportunity to long.
  • If price closes back below into the smaller ED channel then we would need to relook into our up bias for the moment.

 

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