AUDJPY Sellers Targeting 88.00 Lows
Thurs 9th March 2023 : Daily Currency Strength Analysis
In Today’s Video we’re looking at Trading Setups in:
- AUDJPY
- CADJPY (Covered in Video)
AUDJPY Sellers Targeting 88.00 Lows
AUD weakness continues to dominate the currency strength indicator tables being the weakest on both tables.
The JPY has appeared as the strongest currency on the day traders table.
AUDJPY has recently rejected the key resistance highs of 92.50.
Since then the price has traded much lower breaking through key lows including 91.50 and 90.00.
These levels could act as resistance for sellers looking to trade the price lower.
Trend traders could wait for the price to retest the 91.50 resistance for short trading opportunites.
Day traders could look for price to find resistance at 90.00 or the minor highs at 90.75.
Targets for sellers would be the lows of 88.00 or 87.50.
Technical Observations
- The JPY is S1 and AUD is W1 on the day traders table.
- Price rejected the major resistance of 92.50.
- Trend traders could look for price to retest the breakout lows of 91.50.
- This level holds confluence with a trend line resistance.
- Alternatively, day traders could look to the minor resistance levels of 90.00 or 90.75 for short opportunities.
- Sellers could target the lows of 88.00 or 87.50.
