AUDJPY 4hour Analysis November 29th, 2020
AUDJPY Long idea
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bullish
Trade scenario 1: Price action continues bullish and breaks through this rectangle and daily resistance at 77.000. Look to enter on a confirmed higher low above this level, enter on strong bullish setups and target higher toward our -27% fib level.
Trade scenario 2: Price action goes bearish. To confirm this change of trend we need to see a lower high form below our monthly level at 76.500. Enter short on strong bearish setups after the lower high and target toward our 4hour key support at 76.000
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bullish
Trade scenario 1: Price action continues bullish and breaks through this rectangle and daily resistance at 77.000. Look to enter on a confirmed higher low above this level, enter on strong bullish setups and target higher toward our -27% fib level.
Trade scenario 2: Price action goes bearish. To confirm this change of trend we need to see a lower high form below our monthly level at 76.500. Enter short on strong bearish setups after the lower high and target toward our 4hour key support at 76.000