AUD/JPY: Trading in horizontal trend channel, just sell

July 24 , 2018

 

From the daily outlook of technical chart we can see that pair is trading in horizontal channel or we can see the range bound territory. Well these types of channel are very profitable opportunity as pair trades in a predictable way. Buy at support line and sell at resistance level, the same thing is going on in the pair for the time being. Well pair is falling down and it is expected that pair will test the support line which is lying at 80.44 level.

 

On the daily chart we can see that pair is making successively lower lows and lower highs on daily basis. Well pair is still hovering between the range of 80.49 to 84.15 level in short term. Three black crow candlestick pattern along with bearish marabuzo candlestick is generating bearish signal. Odds are in favor of bears and intraday bias remains bearish on the pair. A valid breakout on either side of trend channel will give us new buy or sell signal and open the way towards the further downside or further upside.

 

 

 

A bearish crossover on MACD indicator is favoring the bears and providing bearish signal for the time being and RSI is also providing sell signal from negative territory. The 0.8500 level is immediate resistance level followed by 0.8570 whereas 0.8100 level is strong key support level followed by 0.8040 level

 

 

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