Market Snapshots

AUDJPY Wave Analysis – 14 August, 2019

AUDJPY Wave Analysis – 14 August, 2019
  • AUDJPY reversed from resistance area
  • Further losses are likely

 

AUDJPY recently reversed down from the resistance area lying between the resistance level 72.70 and the 38.2% Fibonacci correction of the previous downward impulse (iii) from July.

The downward reversal from this resistance zone completed the previous ABC correction (ii) – which belongs to the medium-term impulse wave (C) from April.

AUDJPY expected to fall further and retest the next support level 71.00 (low of the previous impulse wave (iii)).

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