What happened? Japanese shares fell on Monday…
AUD/JPY reached buy target 85.50
2019-11-11 • Updated
- AUD/JPY reached buy target 85.50
- Next buy target - 88.00
AUD/JPY today broke above the resistance level 85.50 (which was set as the buy target in our pervious forecast for this currency pair). The breakout of the resistance level 85.50 coincided with the breakout of the 61.8% Fibonacci correction of the pervious sharp intermediate ABC correction (B) from February - which should add to the bullish pressure on this currency pair in the coming trading sessions. AUD/JPY is expected to rise to the next buy target at the next resistance level 88.00 (top of the previous (A)-wave from February).
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.