What happened? Japanese shares fell on Monday…
AUD/JPY reversed from support area
2019-11-11 • Updated
- AUD/JPY reversed from support area
- Next buy target - 83.00
AUD/JPY today reversed up from the support zone lying between the powerful support level 81.20 (low of the previous minor correction (a)) and the lower daily Bollinger Band. The upward reversal from this support area is expected to create the daily Japanese candlestick reversal pattern Bullish Engulfing – if the pair closes this session near the current levels. AUD/JPY is expected to rise further toward the next buy target at next reistance level 83.00.
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?
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Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.