AUDJPY Buyers To Target Weekly Highs

Thurs 16th November 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• AUDJPY (Primary Focus Pair)
• AUDCAD (Covered In Video)
• NZDCAD (Covered In Video)

Our Interest (pending order)/Open Interest (live position)

Our trading attention has turned towards AUDJPY as AUD comes to the top of the day traders table as the strongest currency.

The JPY continues to be the weakest currency telling us to keep our focus on the JPY pairs including AUDJPY. 

AUDJPY has traded through the key resistance daily (D1) chart highs at 97.70.

This could lead to the price heading for the next level of resistance which is found on the weekly chart (W1) at 102.00 formed back in November 2011.

Moving down to the H1 chart, we can see price trading above the H1 50 moving average, which shows us that momentum is with the buyers. 

However, this also shows us that price could be entering a secondary or pullback phase. 

We need to see price make higher highs and higher lows on the H1 time frame in order to be more confident that buyers are back in. 

H1 support comes in around 97.80, if price re-tests these lows and finds support, we can look for long ideas targeting the 102.00 level.

Primary Focus Pair Chart: