AUDJPY has been rising since July 10th. And it has been rising for more than ten days, a long period right? So, could the reversal on July 22ed change the situation?
This reversal could be a retracement of the upward trend.
From the Fibonacci, we can see that the price went down to around 0.618 level, which could be a good support area. Then, the price started to fluctuate, with no clear trend.
The MACD does not show a specific signal, however, we can still observe a cross that has the blue line on top. This indicates that we could be in a mild way of going up.
Let’s expect the price to up in next few days.
This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.