EURJPY Top-Down Analysis
Hello Traders,
Here is the Top-Down Analysis of EURAUD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Price is moving in a triangle. Price has completed W formation by dropping to test the neck.
W > We can see M formation and expect price to move up to test the neck of M.
D > After dropping to test the neck price is consolidating for past 4 days with a false break to the downside.
As per COT EUR saw closure of more Long than Short, reducing net positions; EUR was very weak for the said week. EXY was positive last week though it reached resistance level and dropped. JPY had closure of both Long and Short reducing net positions, this made JXY weak for the said week. Whereas JXY slightly recovered its position last week.
4H > Price moved up towards our target but could not break resistance created by supply level/ resistance created during bearish impulse. Price can make another attempt to test the neck before continuing with bearish impulse. Hence we have a short term Long target and long term bearish target.
Pair Correlation > EURJPY has positive correlation with CHFJPY, CADJPY, GBPJPY and AUDJPY and negative correlation with USDCHF and USDCAD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of EURAUD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Price is moving in a triangle. Price has completed W formation by dropping to test the neck.
W > We can see M formation and expect price to move up to test the neck of M.
D > After dropping to test the neck price is consolidating for past 4 days with a false break to the downside.
As per COT EUR saw closure of more Long than Short, reducing net positions; EUR was very weak for the said week. EXY was positive last week though it reached resistance level and dropped. JPY had closure of both Long and Short reducing net positions, this made JXY weak for the said week. Whereas JXY slightly recovered its position last week.
4H > Price moved up towards our target but could not break resistance created by supply level/ resistance created during bearish impulse. Price can make another attempt to test the neck before continuing with bearish impulse. Hence we have a short term Long target and long term bearish target.
Pair Correlation > EURJPY has positive correlation with CHFJPY, CADJPY, GBPJPY and AUDJPY and negative correlation with USDCHF and USDCAD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Transaction en cours
Short term LONG Target achieved successfully. Now heading towards Long Term SHORT target.Cheers to everyone who followed 1st target.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.