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Trend of the Day - AUDJPY Short

Trend of the Day - AUDJPY Short

2010-05-20 22:31:00
Jeremy Wagner, CEWA-M, Senior Strategist
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 The recent market volatility has many pairs either in extended trends or going through a trend change.  The AUD has turned into one of the weakest pairs over the past couple of days.  The AUDJPY recently broke below a significant support line near 76.28.  This line was tested 5 times as support since Sept 2009.  Now that support has been broken, the trend is now to the downside since we have lower highs and lower lows.  Look for prices to retrace back to the old support turned new resistance.  If it does, it will offer us a good opportunity to enter in this trend.  Look for a bearish candle to form or for an indicator to cross down as confirmation.  Though we are 300+ pips away right now, current market volatility could swing up there quickly.

 

AUDJPY Short

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