Price is moving up on declining volume meaning exhaustion of the bullish momentum. JPY is the number one safe haven currency and the world is in big trouble unfortunately. AUD is weak across the board, and COT net-positions shows us that the non-commercials were actually just closing up shorts on the AUD on the rally of the AUD against the JPY and the USD last week. They also closed longs on the way up, and did not add any proper longs. Therefor I think the AUD will get weak against the JPY and the USD again.
It can run up to the next fibonacci level. The 50% retracement level usually does not have a high correlation to foreign exchange trading but I do not see it run up to the 61,8% retracement so I am already in short. You can wait for a better entry if you feel the need to. We are already in with a smaller lot size.
Let happen what will happen.
It can run up to the next fibonacci level. The 50% retracement level usually does not have a high correlation to foreign exchange trading but I do not see it run up to the 61,8% retracement so I am already in short. You can wait for a better entry if you feel the need to. We are already in with a smaller lot size.
Let happen what will happen.