What happened? Japanese shares fell on Monday…
AUD/JPY falling inside waves (iii) and C
2021-11-11 • Updated
- AUD/JPY falling inside waves (iii) and C
- Next sell target - 82.50
AUD/JPY continues to fall after the earlier breakout of support area lying at the intersection of the key support level 84.00 (which reversed the previous wave A in December), support trendline of the daily up channel from 2016 and the 38.2% Fibonacci correction of the upward impulse wave from November. The breakout of this support area intensified the bearish pressure on this currency pair.
AUD/JPY is expected to fall to the next sell target at the support level 82.50 (standing close to the 50% Fibonacci correction of the upward impulse wave from November).
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AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
Weaker dollar - cheaper dollar. What else may be a conclusion to be drawn from the USD's weakening?
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