AUD/JPY TECHNICAL ANALYSIS 11/6/2020
Pair rebounded from supply zone at level 76.60 with strong bearish movement
Price is in uptrend and respects minor uptrendline
MACD shows weakness in bullish momentum
RSI rebounded from overbough region
Above SMA 100 and 200
Below HVN at level 75.50
First scenario: we r waiting price action on H4 frame after restesting minor uptrendline to open long position. In this case it's expected to target supply zone at level 76.90 then
resistance level 80.60
Second scenario: in case price break minor uptrendline, it's recommended to add more short positions to target major uptrendline at level 72.35
S1: 72.40
S2: 71.10
S3: 69.90
Pivot: 73.75
R1: 76.69
R2: 78.85
R3: 80.68
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