What happened? Japanese shares fell on Monday…
AUD/JPY reversed from resistance zone
2019-11-11 • Updated
- AUD/JPY reversed from resistance zone
- Next sell target - 82.00
AUD/JPY recently reversed down with the daily Shooting Star from the resistance zone lying between the pivotal resistance level 84.40 (former strong support level from November), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from January. AUD/JPY is expected to fall toward the next sell target at next support level 82.00 (which reversed the previous impulse wave 1).
AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
Weaker dollar - cheaper dollar. What else may be a conclusion to be drawn from the USD's weakening?
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.
The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.