AUD/JPY Trading Analysis (19/08/2024)
The trend is down. The forex pair is trading in a range between 365 and 135 EMA. The ascending truncated wave structure finished with the breach of the sloping channel. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator's moving averages are out of the overbought zone.
Trading idea:
- Sell when the formation of the descending wave structure begins.
- Stop-loss at 98.93.
- Price targets at 95.35 and 91.50.
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