AUSSIE DECLINE TO CONTINUE WITH AUD JPY FALSE BREAKOUT ~ forex trading system profitable
The market-wide decline in the value of the Australian Dollar appears to be about to continue with the AUD JPY this week. The pair had recently attempted to break long from a large Consolidation on the Daily Chart, but has now become volatile above the Resistance boundary. If we see a strong Bearish Candle Signal that breaks below this Resistance, sharp gains for the Japanese Yen are likely to be seen over the next few weeks.
The Daily Chart below shows the Pennant setup and the short-lived Bullish breakout.
DAILY CHART - PENNANT BREAKOUT
We can also see that this was taking place in the context of an existing Uptrend, which should have provided additional support to that breakout.
DAILY CHART- UPTREND
Given the extent of the pullback to the Resistance, however, this breakout is likely to give way to a Bearish reversal in favour of the Japanese Yen. The start of this downtrend could take the form of an ABC setup (see Trade Manual) or a small Consolidation breakout. In either case, if the Bearish Candle is strong enough to break below the Resistance, we could see a decline to 94,37 at Support and then lower to the Outer Uptrend Line at 91,77.
DAILY CHART- BEARISH TARGETS
This decline in the Aussie Dollar would be similar to that on the AUD NZD as well as the AUD USD where a trade was recently made.
DAILY CHART - AUD NZD
DAILY CHART - AUD USD
DAILY CHART- LIVE ACCOUNT AUD USD TRADE
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| FXCM Charts used for Trade Signals; Trades executed on Dukascopy Swiss Forex Marketplace |
As the market continues to break out of these large Consolidation setups, hundreds of Pips will continue to be on offer for the sharp trader. With the right Methodology that maximizes on these opportunities, your Trading Account will continue to grow over the Long-Run.
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Duane Shepherd
(M.Sc. Economics, B.Sc. Management and Economics)
Currency Analyst/Trader
Contact: shepherdduane@gmail.com
Twitter: @WorldWide876
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