AUDJPY: Can Bears Hold 69.000?
Daily Time Frame: Price is approaching areas of resistance at 69.000 key psychological. By reading price action we can see that price had a strong reaction when it tested this resistance area in the past. Notice the strong bearish engulfing and wick rejections (pointing to the upside). If sellers are still at this zone, then we can anticipate them protecting this area.
4Hr Time Frame: Price is testing this supply/demand area once again. If price manages to sustain below this area, then we can look for shorts down to 67.500 key psychological support. However, if price manages to penetrate and close above then we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.
4Hr Time Frame: Price is testing this supply/demand area once again. If price manages to sustain below this area, then we can look for shorts down to 67.500 key psychological support. However, if price manages to penetrate and close above then we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.