AUD/JPY
Time: 08:00 Rate: 89.50
Strategy: Short
Daily time frame
This pair which was mentioned in the previous market reviews performed continuous increase of about 21%, the continuous movement of this size is from the longest that were seen in this pair, in the area of 90.60-89.90 there is the Fibonacci level of 161.8 % of the last downward movement which can be used as a resistance point to provide the creation the first downward retracement.
As can be seen by the graph bellow:
4 hour time frame
The price creates clear bearish deviations in the indicator CCI 20 (green) and closes the Bullinger Band, the aspect indicating the downward volatility and gathering before choosing a new way. A good point for entering short is after the stop of the upward price pattern (pattern M or the creation of high lower low and the downward break down)
As can be seen by the graph bellow:
Short after the break down of the high patterns and the double top pattern.
Stop: beyond the pattern or beyond the red area 90.70.
First target: 86.50 (retracement 23.6 Fibonacci of the upward movement, daily time frame)
Optional second target: 84.20 (retracement 38.2 Fibonacci).
USD/CHF
Time: 08:30 Rate: 0.9085
Strategy: Long
4 hour time frame
Before the end of the week the pair was examined for the creation of the movement to the two directions, activated the short trigger (0.9130) of the 4 hour time frame and arrived with success to the target of 0.9060.
As can be seen by the graph bellow:
Daily time frame
Although the downtrends before the end of the week, the pair still satisfies the conditions for short bull wolf pattern but should be waited for a clear price stop and the break out of the level 0.9340.
One should pay attention to two important points in the price stop- one in the psychological area of the level 0.9000 and the second lower in the area of 0.8800 which is the most important Fibonacci area. These areas could be used as good support for the short time frame trading.
As can be seen by the graph bellow:
Potential Trade
Long in the break out of 0.9340
First target: 0.9590
Second target: 1.0000
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