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Bearish Wedge + 61.8% Retracement - AJ

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Here I have AUD/JPY on the 4Hr Chart!

Since Prices decline, we see Price after making its New Lower Low @ 90.116 and has made a steady Fibonacci Retracement to the Golden Ratio Zone being our Fib Entry Zone!

All along the way, creating Higher Highs and Lows forming a Bearish Wedge!

Price is unable to Close above 97.472 being the 61.8% level, so I suspect we will see price continue DOWN!

*Potential Sell Entries will come once price Breaks and Closes below the Rising Support of the Bearish Wedge!

交易進行

With Wage Price Index and NAB Confidence coming in Lower than Forecast, we see Price has retraced to the Rising Support it broke earlier today and the 61.8% level @ 97.153 based off the Low of the Break @ 96.722!

Sell Entry @ 97.20
SL @ 97.40

交易結束：達到停損點

Price made a False Break of Support and is still within the Pattern Parameters!

Waiting for Valid Break for re-entering Selling Opportunities!

註釋

Here we can see Price made another Bullish run for the Rising Resistance of the Bearish Wedge but I want to point out some subtle clues of what to come next!

Here on the Daily Chart I have 2 Bullish Candles of similar size Highlighted. On the Right Chart, if you correspond the Size of Candles compared to the Amount of Volume they hold, It would seem that the Bulls are Losing Strength!

註釋

Price reached up to the Highs of Last Friday and have been rejected sharply!!

RSI is favoring Bears showing price is about to start working Below 50

BBTrend printing Darker and Smaller Green Bars

交易進行

Price after Breaking and Closing below the Rising Support giving us a Valid Break, has found its way back up to the Rising Support of the Bearish Wedge to Test the Break of Pattern!

Sell Entry @ 97.95
SL @ 98.20

交易結束：達到停損點

Underestimated Prices potential to Pullback close to the Highs pushing off of the Previous Support!

交易進行

Re-Entered Sell Positions @ 98.40
SL @ 98.65!

註釋

Pushed SL up to 98.85!

註釋

Here we have some Tell-Tale signs that Bears are remaining dominate in this AUD/JPY pair!

-Bulls make attempt to push price up above the Resistance Zone and were harshly rejected
-Large amount of Bearish Volume enters on the attempted Breaking Candle

註釋

Price has given us what I believe to be a Valid Break of the Rising Support of the Bearish Wedge!

-Followed by what looks to be a Confirmed Lower Low and with Price struggling to move back up above the Support-Turned-Resistance!

註釋

AUD PMI Results In!!
Flash Manufacturing PMI
48.7 Actual v. 47.5 Previous

Flash Services PMI
52.2 Actual v. 50.4 Previous

-Not much reaction from Price!

交易進行

Price made an attempt at a Test of the Break of Pattern between 98.10 - 98.20!

Sell Entry @ 98.13
SL @ 98.45

註釋

JPY PMI Results in!
Flash Manufacturing PMI
49.5 Actual v. 49.8 Forecast/49.1 Previous

交易進行

Price created a Gap @ Market Open along with giving a Valid Break of the Rising Support!

-Price has now Filled the Gap and has successfully tested the Break of Rising Support!

Sell Entry @ 98.00
Call Spread Ceiling (Wee Duration SL) - 96.67
Call Spread Floor (Week Duration TP) - 94.17