We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides Download
EUR/USD
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bullish
More View more
Breaking news

Markets Extend Losses, Dow Jones Down Over 14 Percent for the Week

Real Time News
  • A special report amid this market slump considering what can stop the burning: 'As $SPX Crashes: What Can the Authorities Do to Stop the Bleeding?' https://www.dailyfx.com/forex/fundamental/article/special_report/2020/02/28/As-SP-500-Crashes-What-Can-the-Authorities-Do-to-Stop-the-Bleeding.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/HGvNg5iL0M
  • BOE's Cunliffe says Facebook's Libra could become systemically important - BBG
  • The daily decline in silver is its largest since November 2016
  • Alongside gold, $XAG suffered a massive drop today, falling to support around the $16.78 area with RSI tagging oversold territory. Something to keep an eye on in the days to come https://t.co/M9FEyEEf8B
  • Gold drops below 1590 in largest intraday drop since 2013 $XAUUSD https://t.co/aAKI494BMu
  • Join @IG_US and @DailyFX from 7th - 9th March at @TradersExpo, booth number 311 at NY Marriott, Brooklyn Bridge for three days of forex strategy, fundamental and technical analysis discussions. Register here: https://t.co/oziKe3rJZi https://t.co/RhtPlWREnq
  • WHO raises global risk from virus from high to very high - BBG
  • EUR/GBP Weekly Price Forecast: Euro vs British Pound Signals Upside Break More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/eur-gbp/2020/02/28/EURGBP-Weekly-Price-Forecast-Euro-vs-British-Pound-Signals-Upside-Break-MK.html?CHID=9&QPID=917714 https://t.co/tDLq5YGMXQ
  • $GBP below 1.28, $JPY session highs https://t.co/GpuFtSPdqL
  • Gold is plummeting today alongside stocks, falling more than $60 - https://www.dailyfx.com/forex/market_alert/2020/02/27/Gold-Price-Forecast-Bullion-May-Require-Consolidation-Before-Further-Gains.html
AUD/JPY Rebound Eyes Key Near-term Resistance- Bearish Sub-84.72

AUD/JPY Rebound Eyes Key Near-term Resistance- Bearish Sub-84.72

2016-04-13 16:52:00
Michael Boutros, Technical Strategist
Share:

Talking Points

  • AUDJPY Rebound off key support at risk- on the lookout for short-triggers
  • Resistance / Bearish invalidation at 84.39/72
  • Updated targets & invalidation levels

AUDJPY Daily

AUD/JPY Rebound Eyes Key Near-term Resistance- Bearish Sub-84.72

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: AUDJPY rebounded off a key support confluence last week at the 81-handle with the rebound now approaching some interesting levels of resistance. The immediate focus is on the 50-line of the operative slope extending off the March highs with our bearish invalidation level set to 84.39/72 – a region defined by the 61.8% retracement of the late March decline, the 2015 low-day close and the 100-day moving average. We’ll be looking for short-triggers into this region with a break back below the median-line extending off the 3/14 high needed to validate the reversal lower.

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of SuccessfulTraders” series.

AUDJPY 30min

AUD/JPY Rebound Eyes Key Near-term Resistance- Bearish Sub-84.72

Notes: The pair has been trading within the confines of a well-defiend ascending median-line fortmation off last week’s low and we’ll be looking for a rally into key resistance at 84.39/72 or a break below the lower median-line parallel to initiate shorts. Immeidate resistance stands at the 1.618% extension at 83.97. A break below 83.21 puts the short-bias back in play targeting 82.73, 82.33 & the 61.8% retracement at 81.94. Note that these Fibonacci targets are contigent on this high holding - if we stretch into a new high, we’ll need to readjust the retracement to account for recent developments in price action.

A quarter of the daily average true range (ATR) yeilds profit targets of 30-33 pips per scalp. Added cuation is warranted heading into the Austalian employment report tonight with the release likely to fuel volatility in the Aussie crosses. Consensus estimate are calling for a print of 17K new jobs for the month of March and although headline unemployment is expected to uptick, an increase in the labor force pariticiption rate is likely to offset any bearish sentiment. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

Check out SSI to see how retail crowds are positioned as well as open interest heading into the close of the week.

Looking for trade ideas? Review DailyFX’s 2016 2Q Projections!

Relevant Data Releases

AUD/JPY Rebound Eyes Key Near-term Resistance- Bearish Sub-84.72

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

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

DISCLOSURES

News & Analysis at your fingertips.