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AUDJPY to Continue Its Northern Journey as the Pair Remains Bounded By Its Ascending Channel

AUDJPY to Continue Its Northern Journey as the Pair Remains Bounded By Its Ascending Channel

2011-02-04 16:30:00
Michael Wright, Currency Analyst
Share:

Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Pending Long AUDJPY @82.89

83.20

80.77

84.10

*Trade updates during the course of the day will be provided through our real time news page.

Review of Price Action on the Previous Day’s Trade

Currency

Entry

Potential Target

Close

Pending Long CADJPY @ 81.7

--Failed to get entered--

--

--

*Note: EURUSD short is from the last updated report on Thursday

The AUDJPY has worked its way into an ascending channel on the 15 minute chart. Indeed, the aussie has been gaining strength over the past 24 hours as the Reserve Bank of Australia raised 2011 growth forecast to 4.25 percent from November’s predication of 3.75 percent. At the same time, the central bank expects inflation to climb 3.0 percent from previous estimates of 2.75 percent. As economic activity in Australia is likely to overcome the recent flood and cyclone disasters, any setbacks in the AUDJPY should be looked at as a buying opportunity so long as the rising 15 minute channel remains intact. As price action moves in our favor, make sure to place a trailing stop in order to avoid any unforeseen losses.

AUDJPY 15 Minute Chart

Intraday_Trading_02.04.11_body_audjpy.png, AUDJPY to Continue Its Northern Journey as the Pair Remains Bounded By Its Ascending Channel

Charts Created Using FXCM’s Strategy Trader

Close: 83.11

Retail positioning relates to our speculative sentiment index which illustrates where traders are at in the market. The larger the retail positioning is within the highlighted area, the more likely it is that longs exceed shorts or vice versa. We will look to use this indicator in conjunction with other technical developments to dictate price action over the next 24 hours.

Every day at 16:00 GMT, we analyze potential 24 hour trade set ups. The trade is no longer valid if it is not triggered by 16:00 GMT the next day. Good luck trading!

Written by Michael Wright, Currency Analyst

To Receive Future Articles by Email, please contact me at instructor@dailyfx.com

Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, Intraday Trading, and Forex Trading Weekly Forecast

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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