In my latest analysis on this pair I recognized a bullish Head and Shoulder pattern which worked nicely and yielded about 250 pips from the point of breakout so far.
Now, I think it's time to liquidate longs and even go short as this pair is fast approaching a strong harmonic resistance. Bearish AB=CD and Alt Bat patterns point to lower prices. Also a clear 5-wave structure is visible on the 1-hour chart. The move from C to D might well be a C wave of a zigzag ABC correction. If this is the case, expect a massive bearish run to unfold. But if the channel is broken and the 100% APP projection is violated, that would mean that the pair is a great bullish run. Thus this is a make-or-break time for AUDJPY.
Good luck,
Ali Sharif Azadeh, CFTe
Now, I think it's time to liquidate longs and even go short as this pair is fast approaching a strong harmonic resistance. Bearish AB=CD and Alt Bat patterns point to lower prices. Also a clear 5-wave structure is visible on the 1-hour chart. The move from C to D might well be a C wave of a zigzag ABC correction. If this is the case, expect a massive bearish run to unfold. But if the channel is broken and the 100% APP projection is violated, that would mean that the pair is a great bullish run. Thus this is a make-or-break time for AUDJPY.
Good luck,
Ali Sharif Azadeh, CFTe
Commento:
The pair reversed course exactly as anticipated.