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


• 09.11.2021 10:45 am
#stocks

https://youtu.be/SqdPGa4ZfkE

Overview:

Watch the video for a summary of this week’s news releases and a complete top down analysis of the AUDJPY. In this video I review the potential weekly double top pattern forming at the 85.80 monthly resistance level.

AUDJPY Monthly:

Monthly support at 77.85, resistance at 85.80.

Monthly chart is in an uptrend showing higher tops and bottoms. This month price is selling off from the 85.80 monthly resistance level.

AUDJPY Weekly:

Weekly support at 82.01, resistance at 85.18.

Weekly chart is in an uptrend. However, price has now failed three weeks in a row at the 85.80 monthly resistance level.

A potential weekly double top pattern is now forming at this resistance level.

Long term target for the weekly double top pattern would be 69.90.

AUDJPY Daily:

Daily support at 82.01, resistance at 84.59.

Daily chart is in a downtrend showing a lower top and bottom.

Looking for price to rally and fail at 84.59 daily resistance, or the 62% or 79% fib retracement levels, 85.19 and 85.57. (Watch the video for a full review.) Price failing at any one of these levels would present an ideal opportunity to sell for the next decline in line with the immediate downtrend.

Short term target for the next move down would be 82.01 daily/weekly support.

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