AUDJPY 4hour Analysis August 9th, 2020
AUDJPY Long idea
The weekly timeframe is bearish but the daily, 4hour and below is bullish.
Current price action is at a major monthly zone and is holding the trend. We are now seeing a 4hour retracement and will be looking for long opportunities.
We have two potential long opportunity scenarios:
1.Price action reverses at the 61.8% and presents bullish setups confirming a continuation. Look to target higher toward our -27% fib level.
2.Price action pulls back to key support around 75.000 & 88.6% fib level. Look for bullish setups to confirm a continuation and target higher toward the -27% fib level.
For us to consider short opportunities we need to see a break of key support at 75.000 and a confirmed lower high below that level.
The weekly timeframe is bearish but the daily, 4hour and below is bullish.
Current price action is at a major monthly zone and is holding the trend. We are now seeing a 4hour retracement and will be looking for long opportunities.
We have two potential long opportunity scenarios:
1.Price action reverses at the 61.8% and presents bullish setups confirming a continuation. Look to target higher toward our -27% fib level.
2.Price action pulls back to key support around 75.000 & 88.6% fib level. Look for bullish setups to confirm a continuation and target higher toward the -27% fib level.
For us to consider short opportunities we need to see a break of key support at 75.000 and a confirmed lower high below that level.
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