Weekly Technical Outlook: AUD/JPY; Market Forecasts for May 18th – May 22th

  • Stop loss 97.328
  • Entry level 96.278
  • First Target at 95.136
  • Next targets to test at 94.630, 93.935

 

Weekly Technical Outlook: AUD/JPY; Market Forecasts for May 18th – May 22th
Weekly Technical Outlook: AUD/JPY; Market Forecasts for May 18th – May 22th

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Technical Analysis

 

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With 97.00 acting as a major resistance, a deeper fall is expected in AUD/JPY. Current decline from 97.00 has already signalled the downside is in place and 96.00 is creating a minor resistance on the pair. Price action is viewed as a strong rejection on the pair where the pair has been rejected with the pin bar and the trend line rejection confirms the resistance is holding strongly than before and should target breaking levels of 95.13 and would pave the way down to 94.630 – 93.935, where  the pair looks bearish for the week.

Economic

  • Monetary Policy Meeting Minutes for the Aussie
  • CB Coincidence Index along with CB Leading Index
  • Industrial Production for the Japan, Capacity Utilization Rate, Machinery Orders, GDP Deflator
  • Nomura/JMMA Manufacturing
  • The Flip area where price has found resistance at 97.00 levels.
  • Minor resistance area at the 96.00 levels.
  • Trend line resistance at primary levels.
  • Pin bar rejection at the key resistance area.

Area of Interest

  • The Flip area where price has found resistance at 97.00 levels.
  • Minor resistance area at the 96.00 levels.
  • Trend line resistance at primary levels.
  • Pin bar rejection at the key resistance area.

For more detailed analysis from the author, please visit NoaFX.

 

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