Forex Signals

AUDJPY Advances in an Ascending Wedge


The AUDJPY cross, in its 8-hour chart, shows the price action advancing in an ascending wedge pattern, which suggests the bearish continuation of the previous bearish trend.

Until now, the Oceanic cross completed four waves of Subminuette degree identified in green. For the following trading sessions, we expect a limited upside, which could develop a thrust as a false breakout completing the ascending wedge pattern.


Our conservative scenario considers a sell-side position if the price breaks and closes below the last low at 69.941. The potential bearish target locates at the end of wave iv in green at 67.680.

The bearish scenario will be invalid if the price soars and closes above 71.460.


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By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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