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AUD/USD-Turning to the upside !

  • Charts: 4 Hours, 1 Day.
  • Elements used: Fibonacci Fan Lines,Fibonacci Retracements,Supports & Resistances.
  • Prepared with : JForex 4.
  • Current Level : 0.9422
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CHFJPY Clash of The Titans: BOJ and SNB

Since beginning of the year after we had BOJ step into the market and announced his stimulus program CHFJPY has been going nowhere. In fact the only notable thing is that we have made a new high above the high we made in the 2011 summer. That high was put in place right after we had the SNB intervention.
This pair is stuck between the battle of the biggest central bank in the world SNB and BOJ, which has kept the pair in a tight ranging zone in the last months. The fact that we couldn't stay …
Die komplette Geschichte lesen
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Daytrader21 avatar

Update 2: The sell of continued in the last few days confirming that a top is forming right here we still have to go more to the downside before wave 1 of the current down wave to complete. Next support is at 107.80 where I'm expecting to make a minor swing low and complete the wave 1 and start another attempt towards the highs and form wave number 2 before collapsing.

Daytrader21 avatar

Update 3: We finally manage to get a decent sell of from the highs and as I stated in my previous update the market indeed fin support at around 107.80 and the fact that we manage to close the daily candle above the round number 108.00 suggest that it will take more time before to continue to the downside. This is just the first leg based on Elliott wave analysis so in this stage price developing should be more quiet .

Daytrader21 avatar

Update4: The momentum in the past days continued to the downside gaining more ground and near our 106.6 target. The first wave is not yet completed this suggest further consolidation ahead.Expecting 107.00 support line to hold for some days now before any move to the downside. We may even deep below our target to close the gap at 105.60 from where I'm expecting a strong reaction.

Daytrader21 avatar

update 5: After hitting our target last week is seems the market has took another run up to retest the highs. The current rally has took shape of a five wave rally sequence. which suggest the 109.80 top should hold and we should see a strong correction from beginning if next week that should take us back to our 106.60 target

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Update 6:It seems CHFJPy has broken higher as USDJPY was moving higher and this dragged everything to move to the upside

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