AUDJPY Daily Outlook for 20th December, 2013 (Friday)

AUDJPY Daily Outlook for 20th December, 2013 (Friday)

Daily Chart

Respected the descending trend line and support quite well

• Good rebound from the descending bottom trend line channel and support
• We expect the market to pause at the 50% fib level for a small shorting possibility

Hourly Chart

• A strong upward move from Tuesday , we expect the market to go closer to the weekly pivot / 50% retrace fib area and should take a breather there.
• The Stochastics are very close to overbought area (+80)

Outlook Trade opportunity

Our sell limits are placed at the 50% retrace area / pivot weekly / 127.20 -141.40 fib extension. We will take profit with a 1risk:2reward and will take partial profit when it hits 1:1.

Risk Level High - due to the strong uptrend

Tips -

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