AUDJPY Daily Outlook for 19th December, 2013 (Thursday)
Daily Chart
- We had a a daily close above previous high, and around a supply and demand area, which will be tricky to know market direction
- If i were to use stochastics to backup my case for direction, it is oversold so i would be bias to the upside short term
- On top of that, it rejected the channel line which gives it another case
Hourly Chart
- We saw the market break out of the 91level and closed the day in the 92's, however during the early asian session while i am writing it is retesting the high 91's.
- If i look at stochastics indicator it is oversold, and if i look at RSI the current level is neutral or
- At the current price on the chart, it is a good opportunity to go long as it is around the 61.8% retrace from the upward move from Tuesday to last night.
- I expect this pair to go higher short term to test the higher chanel line
Outlook Trade opportunity
Will take long at curreng price around 91.75 - Will TP at 38.2
% retrace
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