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13 Aug 2020

AUD/JPY Price Analysis: Bears looking for monthly weekly and daily bearish confluence

  • AUD/JPY is an attractive short below the daily structure.
  • Currently, the stars do not quite align across all time frames from a top-down market structure analysis. 

The Monthly is bearish and is looking as though it wants to form a head and shoulders.

The weekly is proving that there is resistance that first needs to hold the bullish commitments at this juncture.

The daily chart has a strong bullish bias while holding above a strong support structure along with the ascending trendline support.

Monthly chart

The above chart shows a potential reversal head and shoulders pattern in the making, offering downside target opportunities for the bears. 

Weekly chart

The weekly chart is showing that the bulls are trying for a second attempt a the resistance. Should they fail, the prospects for the head and shoulders are sound.

Daily chart

The daily support structure is a confluence of higher lows, the support trendline and a restest of the structure which confirms a bullish bias.

 

However, should the same confluence breakdown, then bears will be looking to take over in the barroom brawl zone and a shorting opportunity on a retest of broken support structure turned resistance. 

Aug 13, 2020

When is the Australia unemployment rate and how could it affect AUD/USD?

July month employment statistics from the Australian Bureau of Statistics, up for publishing at 01:30 GMT on Thursday, will be the immediate catalyst
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Aug 13, 2020

EUR/USD Price Analysis: Falling wedge breakout suggests bull revival

EUR/USD is currently chipping away at the psychological hurdle of 1.18, having put in a low of 1.1711 on Wednesday. The 4-hour chart shows a falling w
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