Interesting setup here, and it supports several other setups that I've just published as well.
On this chart, is an approximate support trendline drawn from last week. Now, when this week opened, AJ gapped down, but was able to fill the gap before the 4h candle closed.
With the following observations:
1. The gap filled, so no need to worry about that anymore,
2. Price is below the trendline, closing on the 4h candle as I type this,
3. The upper shadow of the 4h candle is longer than the body, indicating bearish pressure.
Now, If we assume AUD weakness against JPY based on this chart, and in my previous post; against USD, put together with my "buy" position on EURAUD since it has reached a well-tested support, I can safely conclude that AUD is weak for the foreseeable future.
That leads to sell signals on many AUDxxx pairs, and buy signals on xxxAUD pairs.
On this chart, is an approximate support trendline drawn from last week. Now, when this week opened, AJ gapped down, but was able to fill the gap before the 4h candle closed.
With the following observations:
1. The gap filled, so no need to worry about that anymore,
2. Price is below the trendline, closing on the 4h candle as I type this,
3. The upper shadow of the 4h candle is longer than the body, indicating bearish pressure.
Now, If we assume AUD weakness against JPY based on this chart, and in my previous post; against USD, put together with my "buy" position on EURAUD since it has reached a well-tested support, I can safely conclude that AUD is weak for the foreseeable future.
That leads to sell signals on many AUDxxx pairs, and buy signals on xxxAUD pairs.