Pure technical analysis of AUDUSD and AUDJPY. For a view on the USDollar and US10Y please go here
Market and price are bearish. Price found support at 0.7450 with resistance eyed at 0.75 and 0.7550. Support below 0.7450 eyed at 0.74 and 0.7350
Market is bearish. Price is bullish. Price currently at the 21 EMA after coming off of the weekly bearish target @ 0.7450. A break above 0.75 would be significant for bulls with Bears eyeing that price as resistance. Keep an eye on new weekly and monthly pivot point and confluence with price action support and resistance.
Market is sideways. Price is bullish. Price currently ranging between 84.00 and 83.00. Note that price has failed to break above 84.00 after coming off of the bearish target for April..
Market is sideways. Price is sideways. Price action indicates a head and shoulder pattern though price was not trending so therefore I see this as range bound with 84.00 marking the top and 83.00 marking the bottom of the range. Trapping price in the current range between 84.00 and 83.00 makes sense with a plan to trade a breakout while keeping an eye on new monthly and weekly pivot points for confluence with price action support and resistance.
About The Forex Analyst
"When there is a gap you either commit yourself as a professional racing driver that is designed to win races or you come second, you come third or you come fifth. And I am not designed to come third, forth or fifth. I race to win. And if you no longer go for a gap that exists, you are no longer a racing driver." Aryton Senna