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
- 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
- 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
- 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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