The AUDJPY pair has been moving in an upward trend for more than 6 weeks, which quite accurately respected the two diagonal lines that form the ascending wedge formation.
Interestingly, this 6-week upward trend stopped at exactly 61.8% of the fibo correction measured from the peak of 76.50 on 30.12.19 and a minimum of this year on 19 March at 59.85.
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From this we can conclude that the correction of the downward impulse that has been going on since the beginning of this year has just finished and we can expect a continuation of the decreases.
The closest S/R level that could be the target of the supply is at 67.25.
The decline scenario supports the declining MACD (the second day in a row) and the re-launched US-China trade war, which may have a negative impact on the export of raw materials from Australia to the Middle Kingdom.
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