The ascending channel has been breached as price action tanks down past
the lower ascending channel line as we can view the market structure
currently. The yen has been gaining ground as a currency and the
Australian dollar is faltering, and so we are seeing a nice sell-off in
this pair as market participants as cashing out the aussie dollar
probably for a little while.To get more news about WikiFX, you can visit wikifx official website.
Looking at the 3 day chart, you can see a really strong sell momentum
breakout past the lower channel line and we are anticipating the market
participants are looking at the moving averages as not only confluence
of both dynamic support zone and potential order level areas but also as
median band.
Also, to note or be keen on is that at the price
handle level 74.2 is where the sell-off rally started during early of
this year and if price reaches this level, we could have a scenario
potential sell-off rally as it may portend sellers and their order level
pendulum again the trend to their favor.
Of course, ones discretion and risk management is advised.
Jasper Njuguna is a self-taught discretionary financial markets
trader. With cumulative 5 years experience trading the markets and out
of which, one and a half years of that as a prop trader, trading large
and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of
experience in senior management roles driving small to large business
development and B2B relations in creating and implementing; learning
& development solutions, programs, organizational strategies &
frameworks, and blended learning approaches for companies and
institutions in Africa.
