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AUDJPY: Testing 70.000!


Weekly Time Frame: Starting on the higher time frames, we can see that price is approaching a strong area of monthly resistance. Last month price tested this zone and rejected and now price is approaching this area again.

 

Daily Time Frame: Scaling down to the daily we can see price ranging between 67.500-70.000 key psychological. Though notice how the last two daily closures were bullish, simply by reading the sizes of the candlesticks.

 

4Hr Time Frame: Scaling down further we can see a potential double top setting up in confluence with 70.000 key psychological resistance. If price manages to hold below this zone, we can look to sell this to 69.000 key zone and then to 67.500 if prices clears. However, if price manages to penetrate 70.000 key monthly psych then we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.


 

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