AUDJPY 4hour Analysis October 25th, 2020
AUDJPY Long idea
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
1Hour Trend: Bullish
Trade scenario 1: Price action continues with the weekly & 1hour bullish trend. This could be the first break of structure before the next bullish leg. To play it conservatively we are going to wait for a break and retest 75.000. Look to enter long on strong bullish setups and target toward our next major resistance level around 76.000
Trade scenario 2: Bearish momentum steps in and confirms this structure as a large double top pattern. Look to enter short on a lower high below 74.500 and target lower toward our weekly level.
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
1Hour Trend: Bullish
Trade scenario 1: Price action continues with the weekly & 1hour bullish trend. This could be the first break of structure before the next bullish leg. To play it conservatively we are going to wait for a break and retest 75.000. Look to enter long on strong bullish setups and target toward our next major resistance level around 76.000
Trade scenario 2: Bearish momentum steps in and confirms this structure as a large double top pattern. Look to enter short on a lower high below 74.500 and target lower toward our weekly level.