The AUDJPY on Tuesday Failed to make a daily close above the 85.930 handle, a rather significant Level, and has since made more than a 100 pips drop From previous day's high breaking down through the low.
The upward move having been capped by the 200 exponential moving average on the Four (4) Hour and Daily time frames respectively. The AUDJPY met with a confluence of resistances as the +1/8 and +2/8 Murrey math levels Corroborated the Stance of the Exponential Moving average on the Four hour timeframe.
Having Reached the third support level of Daily pivot the pair appears to be in a mild pullback and we may see a retest of the 85.300 level before any Impulsive move or bearish continuation. The third pivot support also coincides with the lower bound of the Ascending channel on the 4hr time frame.
In the near term on bearish continuation I expect a move down to the 84.370 handle which coincides with the 0/8 murrey math level on both the 4hr and daily time frames respectively. A successful breach and close below which level will coincide with a break of the weekly trendline opening the floor for a move down to the 83.660 region. My bias for the pair right now is predominantly bearish.
However, A daily close above the 85.350 level and we may be looking at a bullish Sentiment.
Other pairs on the Rader are Bearish:GBPCAD, EURCAD, EURNZD And GBPNZD. Bullish: None.
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