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14.05.202109:24 Forex Analysis & Reviews: AUDJPY facing bullish pressure, potential for further upside!

Exchange Rates 14.05.2021 analysis

Prices are facing bullish pressure as prices break out of descending trendline resistance in line with horizontal swing low support, 50% Fibonacci retracement and 50% Fibonacci extension. Prices might push up towards horizontal swing high resistance in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. If prices push down further, prices might take support from horizontal swing low support in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. EMA is also below prices, showing a bullish pressure on prices.

Trading Recommendation

Entry: 84.541

Reason for Entry:

Horizontal swing low support, 50% Fibonacci retracement, 50% Fibonacci extension

Take Profit: 84.806

Reason for Take Profit:

Horizontal swing high resistance, 61.8% Fibonacci retracement, 78.6% Fibonacci extension

Stop Loss: 84.391

Reason for Stop Loss:

Horizontal swing low support, 78.6% Fibonacci retracement, 78.6% Fibonacci extension

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2021
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