Thursday, December 19, 2013

AUDJPY Daily Outlook for 19th December, 2013 (Thursday)

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

Risk Level Low


Tips -

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