AUD/JPY Possible Bounce Off the Monthly Support

Dear Traders,

The AUD/JPY has reached the final M L5 camarilla level so we might see a bounce in the form of a counter trend move–>

Trade War between the US and China could also result in a lot of positive trade to Australia, as China may stop purchasing US agricultural products and energy from the US. Who is gonna fulfil that surplus? AUS and NZ. If that happens the Australian Dollar should benefit.

At this point technically speaking the AUD/JPY is at the M L5 camarilla looking for a bounce. 76.00-15 is the zone. The first target is 76.48. A close above and we should see 77.42.  Of course, the AUD/JPY is a medium speed moving pair -ATR(5) is 72 pips so it might take some time to get there.  Watch for a continuation of bearish trend only below 75.65.

The analysis has been done with the
CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.