AUDJPY to 99.70 and probably lower
I like a short on AUD/JPY to 99.70 based on:
1. Bearish Engulfing Candle at a previous resistance = new support level (red level).
2. Bearish Hidden Divergence (Stochastic formed a lower high but price made a higher high)
3. Tons of Missed Pivots below price
4. NO vote to SNB Gold Initiative which will put pressure on commodity based currencies (AUD, CAD, NZD) as Gold price is expected to drop.
99.70 is a good initial take profit level (green) since it was a previous support level which may act as resistance
1. Bearish Engulfing Candle at a previous resistance = new support level (red level).
2. Bearish Hidden Divergence (Stochastic formed a lower high but price made a higher high)
3. Tons of Missed Pivots below price
4. NO vote to SNB Gold Initiative which will put pressure on commodity based currencies (AUD, CAD, NZD) as Gold price is expected to drop.
99.70 is a good initial take profit level (green) since it was a previous support level which may act as resistance