AUDJPY Daily Outlook 05th December 2013
Daily Chart - Bearish / but clinging to support,
- In the ichimuku blue cloud trying to cling on support at 38.2% retrace 92.435
- Broke the rising wedge, and retested the wedge with good conviction rejection
- Signs show of continuation of the downside
Hourly Chart – Two ways
- Trading below clouds
- After breaking through the 92.230 / 38.2% retrace level, There is strong pin bar last night at 91.725 and had quickly found support back at 38.2% - which possibly is a false break
- There are few recent hourly candles showing rejection from the 61.8 retrace from the yesterday recent swing high to low, and market also rejected from the major support at 92.230 on a quick test early Asian session.
Outlook Trade opportunity–
Asian session – zoom into 30min chart, will look for short from the confluence level of pivot daily / 61.8% /92.52 / ichikumo clouds
More ideal scenario, is to wait for market to go back up to test todays pivot / yesterdays S2 pivot and look for clear rejection, then ride it down again to support
Risk Level – Medium to High
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