Price action traders are up +100 pips on their AUDUSD shorts and now they have their eyes set on possible shorts for AUDJPY.
After spending six days in consolidation, traders are finally seeing AUDUSD head to the downside. Price had a brief struggle breaching support at 0.74200 but the recent bull rally for the Dollar has finally caused the support to fail. Traders have secured some profits and now have their stops at entry as the price is expected to fall further.
With AUDUSD heading lower, AUDJPY’s bearishness is also picking up steam. Last week, traders noticed the first sign of lower prices as the weekly candle closed as a shooting star. Price action traders are looking to enter short once this candle is observed on the daily time frame. The long-term target is this past October’s low.
The Dollar should continue its path to 93.430 as the price was able to wick up to 93.000 earlier today. Once a daily bullish closure is observed above this level, many of the Forex majors should make their way lower if they haven’t already.
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