AUDJPY: Market Review and How to Trade

The daily chart is forming a new swing high, which is low than the previous one. MACD lines and histogram are bullish as well as RSI, which also confirms the price reversal. DMI is bullish, but ADX line falls. It tells us that buyers are not so active, and we can expect that sellers will be able to push the price down.

All these bearish signals support the idea that during the next week, it will be good to search for selling opportunities in the hourly and minute timeframes. The local downtrend line will be used for getting reversal signals for short trade as well as the low price of the daily candle.

If the price breaks the downtrend line, it will give a bullish signal. The market will be able to continue the uptrend, and we will trade following the rules for trend markets.



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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.