• Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY


• 28.04.2022 04:30 pm
#stocks , Duncan Cooper is a full-time trader and mentor and the Senior Market Strategist at ACY Securities. Trading full-time since 2009, Duncan's insights are from the battleground of real-time markets, not theory, and he thrives on educating traders to reach their financial goals.

Overview:

Watch the video for a summary of this week’s news releases and a complete top down analysis of the AUDJPY.

AUDJPY Monthly:

Monthly support at 90.71, 90.29, and 86.24, resistance at 95.67.

Monthly chart is in an uptrend showing higher tops and bottoms. However, price is rejecting the 95.67 monthly resistance level.

AUDJPY Weekly:

Weekly support at 90.71, resistance at 94.31.

Weekly chart is in an uptrend showing a higher top and bottom. Price has false broken the 94.31 weekly resistance level and has declined.

AUDJPY Daily:

Daily support at 90.75, resistance at 92.39, 93.07, and 94.15.

Daily chart is in a downtrend showing a lower bottom. MACD has formed negative divergence.

Will price now rally and form a lower top at a daily chart resistance level for a further decline as we head into the month of May?

Looking to sell a rally on the 4 hour chart. Watch the video for a full break down of my analysis on how you could trade this pair to the downside based on the 4 hour chart.

Target for the next move down would be 90.29 monthly support, followed by 86.24 monthly support.

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