03.05.202110:10 Forex Analysis & Reviews: Daily Video Analysis: AUDJPY facing bearish pressure, potential for further downside

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Today we take a look at AUDJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bearish pressure as it holds below the descending trendline resistance, and RSI is also holding below descending trendline resistance as well. We could see a reversal at sell entry level, in line with 61.8% Fibonacci retracement, and further drop towards take profit levels, which are in line with horizontal swing low support and -27.2% Fibonacci retracement.

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

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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