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The Daily Forecaster: AUDJPY |
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Technical Archives |
Written by FX-Forecaster |
Dec 17 09 03:20 GMT |
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The Daily Forecaster: AUDJPY
Price: 80.80
Bias: I suspect the 80.49-81.30 range will persist
The underlying MT direction is neutral while the daily bias is neutral. Therefore it may be better to sit out of the market or trade breaks when supported by bullish or bearish set up patterns. It is advisable to study both lower and higher time frame charts for evidence to support a trade in either direction. It may well be advisable to take profits when seen or if there is a larger break out to consider using a trailing stop to protect profits
Daily Bullish
Losses edged below 80.28 but by only 8 pips and I feel we are still trapped within a sideways trading range. This should see the 80.49-59 support hold and generate a move higher into the 81.20-30 resistance. I look for a cap here before a move back to probably around the 80.49-59 area again. This should act as a launch pad for stronger gains that on a break of 81.30 would trigger follow-through above 81.55 and onto 81.94-08 at least. Take care here as this could generate a pullback. Next resistance is at 82.43 and 82.98.
Medium Term Bullish
16th December: It looks like we'll see a 80.28-81.35 range in the near term and then as long as the 81.35-55 resistance breaks we should see further gains above 81.94.
Daily Bearish
Only below the 80.49-59 support would undermine the bullish outlook and imply losses through the 80.20 low and onto 79.64 at least. This support could cause a correction. Breach would extend the bearish momentum for the 79.21 low… Then note further support at 78.51.
Medium Term Bearish
14th December: Only below 79.21 and 78.69 would trigger a stronger push lower now |
| Resistance |
| 81.00 |
| 81.20-30 |
| 81.55 |
| 81.94-08 |
| 82.43 |
| 82.98 |
| Support |
| 80.49-59 |
| 80.20 |
| 79.64 |
| 79.21 |
| 79.00 |
| 78.51 |
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Ian Copsey
FX-Forecaster
Legal disclaimer and risk disclosure
The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.
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