AUDJPY short burst of bullish momentum | 23rd Aug 2021
Price have made a lower low which confirms overall bearish trend for AUDJPY however price has potential to bounce up to create a higher low hence our bias for the short term is bullish . Price is expected to push up to resistance level in line with 161.8% Fibonacci extension to make a potential lower high. Our short-term bullish bias is further supported by the MACD indicator showing the MACD line cross above the signal line and a bullish reversal candle, hammer , spotted at the price bounce.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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