From the Technical views:
1. From the monthly point of view, the price was created an equal high, expect the creation of IHNS on the monthly timeframe, the right shoulder can be the potential downside target, as shown on the chart.
2. From the daily perspectives, the monthly downside target is correlated with the daily demand zone, we can expect price will go and retest this area, once the market shifts to the bearish environment.
From the Institutional's views:
1. Overall bullish bias on AUD in the longer-term of view.
2. But keep in mind, from the short-term's view, they are a huge shift to the bullish bias from the bearish bias on the AUD, in the new data more long and short are added, the net position from -40k to -694, we can see that the AUD becomes stronger and stronger.
Implication: During AUD move to the upside, long remain open/added, but shorts were added, meaning they just short for the creation of the retracement, a.k.a the creation of right shoulder I just identified on the monthly perspective.
How to approach AUDJPY?
1. Overall is a bullish market on the daily timeframe, must waiting for the price break below the strong daily support area and retest on it.
2. After that, switch to the lower timeframe and look for the short opportunity.
3. Short at the moment is not a good idea, because the price is approaching the daily support at the moment, the price can easily bounce from the support area and continue move to the upside since the big players are extremely bullish on the AUD in the view of the short-term.
The result might not follow my analysis, this analysis is based on TA and COT perspectives.
Comment down below let me know your view on AUDJPY.
1. From the monthly point of view, the price was created an equal high, expect the creation of IHNS on the monthly timeframe, the right shoulder can be the potential downside target, as shown on the chart.
2. From the daily perspectives, the monthly downside target is correlated with the daily demand zone, we can expect price will go and retest this area, once the market shifts to the bearish environment.
From the Institutional's views:
1. Overall bullish bias on AUD in the longer-term of view.
2. But keep in mind, from the short-term's view, they are a huge shift to the bullish bias from the bearish bias on the AUD, in the new data more long and short are added, the net position from -40k to -694, we can see that the AUD becomes stronger and stronger.
Implication: During AUD move to the upside, long remain open/added, but shorts were added, meaning they just short for the creation of the retracement, a.k.a the creation of right shoulder I just identified on the monthly perspective.
How to approach AUDJPY?
1. Overall is a bullish market on the daily timeframe, must waiting for the price break below the strong daily support area and retest on it.
2. After that, switch to the lower timeframe and look for the short opportunity.
3. Short at the moment is not a good idea, because the price is approaching the daily support at the moment, the price can easily bounce from the support area and continue move to the upside since the big players are extremely bullish on the AUD in the view of the short-term.
The result might not follow my analysis, this analysis is based on TA and COT perspectives.
Comment down below let me know your view on AUDJPY.
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