Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- AUD/JPY was seen in a bullish breakout with 85.00 in sight. Resistance at 83.70 was respected. It was the high from 12/14/2010.
- A break above suggests a swing projection to 85.00 as seen in the daily chart.
- The current bounce off the SMA 50 in the 4H chart reflects a rally in rhythm, and builds a good case of breaking above 83.70.
- The daily chart shows a positive reversal signal (lower RSI low, but higher price low), building the case for the swing projection towards 85.00.
s this price action convince you the market is targeting 85.00? We would love to hear what you think.
Subscribe and become a member to share your views and join live discussions as well as webinars about the markets.
Fan Yang CMT
Chief Technical Strategist