AUDJPY Daily Price Forecast – 12th Dec 2019
AUDJPY produced an engulfing daily bullish candle yesterday. Consequently, the H4 chart looks bullish. The price has headed towards the North and may have found its resistance. It may consolidate before determining its next direction. Since the price has been a bit bullish biased and a strong level of flipped support nearby, it may keep heading towards the North further. Let us have a look at the H4 AUDJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The chart shows that the price after finding its support has headed towards the North with good bullish momentum. On its way, it made a breakout at the level of 74.550. The level of 74.760 may come as a level of resistance since this is where the price had its rejection earlier. If the price consolidates from here, the level of 74.550 may hold the price as support and produce an H4 bullish reversal candle. An H1 breakout at the level of 74.760 may push the price towards the North further. Trade Summary below…
- Buy Stop order: 74.801
- Stop Loss: 74.528
- Take Profit: 75.198
The level that we have set our Take Profit at is a daily resistance. The price may have a strong rejection around that level. Thus, the buyers may consider taking out the whole trade or at least 80% of it. Another thing to be noted, the market is getting sluggish. It may continue its sluggishness until January. Traders may consider taking entry and exit on the intraday charts more than other charts.
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