Hello fellow traders. Another instrument that we have been trading lately is AUDJPY. In this technical blog we’re going to take a quick look at the Elliott Wave charts of AUDJPY, published in members area of the website. As our members know, AUDJPY has incomplete bearish sequences in the cycle from the 04/17 peak. Consequently, we advised members to avoid buying the pair and keep on selling the rallies in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading Setup.
AUDJPY 4 Hour Elliott Wave Analysis 8.1.2019
Break of 06/18 low made the pair bearish against the 76.28 peak . Cycle from the April 17th peak looks incomplete now, calling for further weakness. We don’t recommend buying the pair in any proposed recovery. Strategy is waiting for the clear 3 waves bounce and then sell the pair in 3,7,11 swings.
AUDJPY 1 Hour Elliott Wave Analysis 8.13.2019
Eventually the pair made 3 waves bounce in wave 4 red recovery. As the main trend is bearish, we expect the pair to find sellers at the blue box for a 3 wave pull back at least. The price reached sellers zone at 72.52-73.53 ( blue box) and already showing reaction from there. At the moment we see possibility of another short term high within blue box. Anyway ,we already have minimum requirements for bounce to be completed. Proposed leg up may or may not be seen and we are already short from the equal legs : 72.52. We don’t recommend buying the pair and favor the short side from the blue box area.
AUDJPY 1 Hour Elliott Wave Analysis 8.14.2019
We got further separation from the last short term high. At this stage we are calling wave 4 red completed. We like staying short from the blue box area. As soon as the pull back reaches 50 Fibs against the ((b)) low, we should make our short positions risk free. Now, we need to see break below 08/07 low to confirm next leg down is in progress. Otherwise, if the price breaks above last short term high: 72.90, then wave 4 recovery would be still unfolding as 7 swings structure. In that case we would sell the pair again at the next set of equal legs.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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