• Dec 4, 2024
  • Trade ideas

AUDJPY: Falling Wedge

AUDJPY, H2

AUDJPYH2.png

AUDJPY is navigating within a falling wedge and aims to retest the 97.00 resistance level.
The MACD histogram crosses the signal line upwards, and the price breaches above the DEMA and TEMA giving a sign of a recovery, however the bearish trend is still strong.

  • If the price breaks above the 97.00, it will trigger a rise to 98.00 resistance.
  • However, bouncing from the trendline will drop the asset th the 96.00 level.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul