AUDJPYi,H4-Daily, Strength Test and Technical Analysis
Using H4 Strength Test for major currency pairs giving confidence to analyzing the best pairs Strength/Weakness.
Price showing roll reversal head and shoulders and moving into a bearish trend, Price has started at just below this week's WM3 Pivot Point and heading to the WM1 weekly Pivot Point target, Which we can consider a level of support and previous resistance around the 14th September, With a Fibonacci indicator drawn to projected price line hitting support and making a LL (lower low) I see a retracement going to the 38.2 where I will set a pending order set to enter this trade, the 38.2 Fibonacci predicting 161.8, I see a second retracement to what was support, now becoming resistance, I will have a second pending order set to enter this trade at this position.
As price action heads down, a redrawn Fibonacci line to the newer LL (lower low), I see added confluence of price heading to resistance and the 38.2 predicting the 161.8 where a third retracement could take place to what was support now becoming our new resistance level, I will have a third pending order set to enter this trade, as price heads down to the previous support level around 7th June.
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About The Forex Analyst
Completed the MetaTraders Coarse through the South African FXBootcamp Mentor - Ryan Gandalf van Jaarsveld