AUD/JPY now testing major resistance, prepare to sell
May 16, 2017 4:02 pm
The price has risen further and is now approaching major resistance at 84.51 (Fibonacci extension, Elliott wave theory, horizontal swing high resistance, bearish divergence) and we expect a drop from this level towards the 84.07 support (Fibonacci retracement, horizontal pullback support).
Stochastic (89,5,3) is seeing strong resistance at 94% and also sees bearish divergence vs the price signalling that a reversal is impending.
Sell below 84.51. Stop loss at 84.71. Take profit at 84.07.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The price has risen further and is now approaching major resistance at 84.51 (Fibonacci extension, Elliott wave theory, horizontal swing high resistance, bearish divergence) and we expect a drop from this level towards the 84.07 support (Fibonacci retracement, horizontal pullback support).
Stochastic (89,5,3) is seeing strong resistance at 94% and also sees bearish divergence vs the price signalling that a reversal is impending.
Sell below 84.51. Stop loss at 84.71. Take profit at 84.07.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: