From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H4/M30.
The AUDJPY pair, as a result of ongoing declines in June last year, reached support level of 74.00, coinciding with a 61.8% Fibonacci correction, where occurred bullish response.
Looking at the weekly chart, we note that entire downward movement was within a channel from which at the beginning of November last year pair broke upper limitation. The increase reached 87.50, where a strong supply reaction occurred in mid-March.
On daily chart we notice that although the market has been moving north for three weeks, these increases are significantly less dynamic than earlier declines. This may mean that this is only a temporary correction and we would soon expect another downward impulse. If this happens, it could reach even around 80.70 support level.
However, before this happens we would be able to test again the level of 84.50 or even 85.75, where a supply reaction could occur.
However, the unfilled gap left behind by the results of the first round of the presidential election in France supports scenario of further declines.
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