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audjpy technical analysis

January 26, 2010 By Raj Leave a Comment

The following is the daily chart of AUDJPY as of Jan. 26th around 4 AM EST. If you observe the graph you can see that there is a strong resistance trend line which was broken earlier and now the graph is coming towards the resistance line and now this resistance may act as a support trend line. Moreover the stochastics has reached the oversold region which is below 20. The CCI also reached the oversold region.

I think its a good opportunity to enter a long trade if a bullish engulfing candlestick pattern is formed or a doji with a small or no body at all is formed at this point.

What do you guys think of this?

audjpy technical analysis

audjpy technical analysis

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AUDJPY head and shoulders format

January 17, 2010 By Raj Leave a Comment

The following is the four hour chart of AUDJPY currency pair as of Jan. 17th., around 10 PM EST. If you observe the graph you can see that a head and shoulders format is formed. Even though the shoulders are not of equal height we can still say that this is an head and shoulders format. You can see the neck line also. If the neck line is broken with a strong bearish candlestick I think its a better opportunity to enter a short trade. What do you guys say?

AUDJPY Four Hour Chart:

AUDJPY Head And Shoulders Format

AUDJPY Head And Shoulders Format

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